The Australian sharemarket closed at a record high as investors rushed into gold miners and oil stocks after US-Israeli strikes that killed Iran’s supreme leader, Ali Khamenei, sent commodity prices soaring.

The S&P/ASX 200 Index added 2.3 points to 9200.90, resetting its record high for a fourth consecutive session. Five of the 11 sectors finished higher as investors piled into haven assets, including the US dollar and gold. US futures were pointing to heavy selling on Wall Street later today, with major indices down around 1 per cent.

‘Too much uncertainty’

Brent crude was last up 5.8 per cent to $US77.09 a barrel after earlier spiking 13 per cent in Asian trading, while gold gained 1.4 per cent to $US5350 an ounce. That followed retaliatory strikes by Iran on nearby Persian Gulf countries, including Iraq, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman. The conflict disrupted key aviation hubs and has all but stopped oil shipments through the Strait of Hormuz.

EToro market analyst Josh Gilbert said the critical question for investors was how long the disruption from the conflict might last. “Markets hate uncertainty, and right now, investors are facing one of the most uncertain geopolitical backdrops in years.”

Losses on the ASX were cushioned by the energy sector, which surged by nearly 5 per cent on the higher oil price. Woodside rallied 6.8 per cent to $30.24, Santos 6.7 per cent to $7.21 and Karoon 15.2 per cent to $1.78.

The flight to gold also buoyed the miners. Newmont rocketed 5.7 per cent to $187.22, Resolute Mining 10.4 per cent to $1.64 and Genesis Minerals 8.5 per cent to $8.06.

Counter-drone solutions firm DroneShield surged 6.6 per cent to $3.86, while Qantas dropped 5.4 per cent to $9.41 as the Middle East conflict disrupted international aviation. Web Travel dropped 6.5 per cent to $3.02 even as chief financial officer Tony Ristevski withdrew his resignation, which he made in November.

Financials were the main drag on the bourse amid selling in the big four lenders and some money managers. That follows a slump in US banks and private equity firms on Friday after UK mortgage provider Market Financial Solutions collapsed.

Commonwealth Bank dropped 0.7 per cent to $173.49, ANZ by 1.8 per cent to $39.33, Westpac by 1.7 per cent to $41.80 and National Australia Bank by 2.9 per cent to $47.62.

Stocks in focus

MA Financial fell 2.6 per cent to $9 even as it agreed to sell Infinite Care to Anglicare Sydney for an undisclosed sum, delivering investors more than 2.8 times their invested capital, it said.

Investors also resumed selling in the battered technology sector with WiseTech Global off 4.7 per cent to $45.29, Xero 3.8 per cent to $79.97 and NextDC by 3.8 per cent to $13.35.

In corporate news, Magellan Financial remained in a trading halt as the investment manager launched an equity raising to fund a $1.6 billion merger with Barrenjoey Capital Partners, which was announced on Monday.

Lynas Rare Earths added 5.4 per cent to $20 as Malaysia’s atomic energy regulator renewed its operating licence for 10 years until 2036.

And Ampol rose 3.2 per cent to $29.06 as further assessment by the Australian Competition and Consumer Commission identified 54 EG Australia sites across 51 areas that may raise competition concerns, down from 115 locations flagged in January, as a result of the proposed takeover.