The S&P/ASX200 fell 8.1 points on Friday, down 0.09 per cent, to 8,946.9, as the broader All Ordinaries lost five points, or 0.05 per cent, to 9,168.5.
The top-200 slipped 0.15 per cent since Monday, hanging onto most of its three weeks of gains amid signs the US and Iran are seeking to end their conflict and the resulting oil supply shock that has weighed on global growth expectations.
"The markets, at least the equity market, seems pretty optimistic that the ceasefire is going to hold, maybe it'll be extended in that there might eventually be a peace deal," Capital.com senior market analyst Kyle Rodda told AAP.
"It could certainly be a sign of complacency again, in the market potentially mispricing the risk, (but) that's the side of things that the traders are on."
Energy stocks fell 0.5 per cent on Friday, while oil prices slumped more than 10 per cent over the week, led by oil and gas giants Woodside and Santos, while uranium stocks offered some support.
Paladin Energy was a stand out, jumping 2.8 per cent on Friday after raising its production guidance ahead of its March quarter report due next week.
Local banks weighed on the bourse, the heavyweight financials sector dropping 2.3 per cent since Monday despite the sector hitting a record high on Tuesday, which preceded a big four sell-off since.
"There's been a little bit of volatility because of mixed bank earnings in the (United) States," Mr Rodda said.
"And then there's also the interest rate story, where the markets are increasing the probabilities of rate hikes from the RBA, and that's on-balance not great for bank stocks because of its impact on margins and credit growth."Â
ASX-listed IT stocks have rebounded strongly after a tech-led rally on Wall Street, but the local segment has a long way to go after shedding more than two-fifths of its value since September.
Mining stocks have overcome a mixed five sessions to clock a fourth-straight week of gains, despite anaemic performances from mega miners BHP and Rio Tinto, along with some profit taking in gold stocks.
Gold itself had a positive week and and trading near $US4,783 ($A6,677) an ounce.
Battery minerals producers have surged over the past four weeks, with Liontown up almost 60 per cent since late March and PLS (formerly Pilbara Minerals) charging nearly 50 per cent higher.
Already weak consumer confidence has been further hammered by the recent energy price shock, along with resulting inflation and interest rate hike fears, slipping 1.6 per cent since Monday and down almost a quarter since October.
In company news, shares in consumer lender Zip Co shot 13.7 per cent higher to $2.33 after lifting its earnings guidance and recorded a strong increase in US transaction volumes in the third quarter.
US-headquartered Alcoa fell 3.5 per cent after its $US3.2 billion ($A4.4 billion) March quarter revenue missed expectations.
One Aussie dollar is fetching 71.63 US cents, down from 71.88 US cents on Thursday at 5pm, when it hit a nearly four-year high.
ON THE ASX:
* The S&P/ASX200 fell 8.1 points, or 0.09 per cent, to 8,946.9.
* The broader All Ordinaries lost 5 points, or 0.05 per cent, to 9,168.5.
One Australian dollar trades for:
* 71.63 US cents, from 71.88 US cents at 5pm AEST on Thursday.
* 114.17 Japanese yen, from 114.15 Japanese yen.
* 60.83 euro cents, from 60.90 euro cents.
* 53.03 British pence, from 52.94 British pence.
* 121.76 121.60 NZ cents, from 120.97 NZ cents.
9°C