A rally in iron ore and gold prices drove the major miners higher on Friday, lifting the ASX 200 out of correction territory.
The S&P/ASX 200 edged lower in the first minutes of trade before swinging into the green. The index was up 0.3 per cent, or by 20.5 points, to 7769.6 in the first 30 minutes of the session. The All Ordinaries rose 0.3 per cent. Eight of 11 sectors were higher.
The rebound saw the ASX exiting a correction entered on Thursday, when it posted a more than 10 per cent drop from mid-February. The Australian market diverged from US equities, which posted heavy losses overnight - the S&P 500 closed at 5521, its lowest level since September, while the Nasdaq shed 2 per cent.
The ASX's bounce came despite more tariff announcements that have rattled markets in recent weeks. Donald Trump overnight threatened to impose 200 per cent tariffs on wine from the European Union, after the bloc set a 50 per cent tariff on American whiskey. Oil fell after the International Energy Agency warned of oversupply from weak demand.
Miners drove the bourse higher, tracking a 1.5 per cent gain in the iron ore price to $US102.20 a tonne. BHP and Rio Tinto rose by more than 1 per cent, while Fortescue lifted 0.8 per cent. Gold miners rallied after the precious metal hit a fresh record of $US2990.02 overnight. Regis Resources posted the index's biggest gain, rising 5.5 per cent. Evolution Mining 3.4 advanced per cent.
Commonwealth Bank drove the bourse's initial fall, dropping 1 per cent. Major consumer discretionary stocks also weighed - Aristocrat Leisure slipped 0.9 per cent, Guzman y Gomez dived 3.7 per cent and Eagers Automotive 2.6 per cent.
Stocks on the move
In corporate news, ANZ announced the federal government will provide support for its operations in the Pacific through a $2 billion guarantee, part of a wider push from Canberra for banks to hold - and even increase - Pacific banking services. ANZ must invest an extra $50 million in its digital banking offering under the arrangement.
Myer has overhauled its executive team following its merger with a portfolio of brands acquired from Premier Investments and the resignation of chief financial officer Matt Jackman after one year with the business. The retailer's shares slipped 0.7 per cent.
Liontown Resources gained 0.8 per cent after it narrowed losses in the half-year to December as the lithium miner geared up to start underground production that stopped in the fourth quarter.
Catalyst Metals rallied 5.2 per cent after initiating production at its Plutonic East site in Western Australia, extracting the first ore from the mine's stope on time and budget.

Sumber : AFR