PEAK ASSET: ARVO WRAP 12 JANUARY: ASX edges lower as oil spikes; Healius tumbles | US and UK launch airstrikes on Houthi rebel targets in Yemen | Another day of gains for Creasy-backed CZR |

It’s a happy Friday in Melbourne with clear blue skies and a top of 34 degrees.

After a big first week back on deck, we’re ready to hit the beach and grab some beers.

Enjoy the weekend ahead!

Across Markets…

The Australian sharemarket edged lower in afternoon trading after a volatile session on Wall Street overnight and a spike in the oil price above $US73 a barrel.

The benchmark S&P/ASX 200 was down just 9 points, or 0.1 per cent, at 7497 by 2.39pm AEDT after falling as much at 0.4 per cent earlier in the session. The All Ordinaries was little changed at 7,735.4.

The energy sector was 0.9 per cent higher, tracking the higher oil price after the US and UK launched airstrikes on Houthi rebel targets in Yemen, following the militant group’s attacks on ships in the Red Sea. Global benchmark Brent crude rose as much as 2.5 per cent to above $US79 a barrel.

Beach Energy was up 2.9 per cent to $1.57, Santos gained 1.7 per cent to $7.56, and Woodside Energy added 0.9 per cent to $31.45. Uranium plays Boss Energy and Paladin were also higher, climbing 5.6 per cent and 1.7 per cent, respectively.

Gold edged higher as investors sought safe-haven assets after the airstrikes. Gold producers Sandfire Resources rallied 2.7 per cent to $6.78, Silver Lake gained 1.7 per cent to $1.17 and Northern Star added 1.2 per cent to $13.

Core Lithium was the best performer on the ASX 200, jumping 10 per cent to 21.5¢ after the shares sank 17 per cent earlier in the week. The stock is among the most shorted on the ASX, with about 14 per cent of shares outstanding.

The Australian dollar was trading near US66.97¢ after Chinese data showed inflation had fallen for the third straight month, bolstering expectations of a rate cut by the nation’s central bank next week.

Source: AFR