Australian shares tread water as energy stocks counter gold slump

Santos

07/09/2026 02:26

Sept 7 (Reuters) - Australian shares traded in a narrow range on Monday, as strength in energy companies partially offset weakness in gold stocks, while investors stayed on the sidelines as a flare-up in tensions in the Middle East helped oil prices extend gains.
The S&P/ASX 200 index .AXJO held its ground at 9,009.60, as of 0010 GMT. On Friday, the benchmark lost 0.2% and logged its worst week in nearly a month.
Crude prices advanced on Monday following tit-for-tat strikes between the United States and Iran on vessels sailing in the bottleneck Strait of Hormuz alongside other areas during the weekend, intensifying worries of a prolonged supply disruption. O/R
Oil's surge helped energy-linked stocks .AXEJ in Sydney snap a two-session losing run, with sector leaders Woodside Energy WDS.AX and Santos STO.AX gaining 0.6% and nearly 1%, respectively.
Elsewhere in the main index, real estate .AXRE and consumer discretionary .AXDJ stocks added to broader strength, up 0.6% and 0.4%, respectively.
Shares of data centre landlord Goodman Group GMG.AX rose 0.4% while electronics retailer JB Hi-Fi JBH.AX advanced as much as 1.5% to its highest point in nearly two weeks.
Bucking the broader strength, gold stocks .AXGD dropped 1%. The yellow metal fell 2% on Friday after a stronger-than-expected U.S. jobs report boosted expectations of an imminent rate hike from the Federal Reserve. GOL/
Index majors Northern Star Resources NST.AX and Evolution Mining EVN.AX declined 0.8% and 0.5%, respectively.
Technology stocks .AXIJ slid nearly 2% as they tracked the Nasdaq Composite lower after the U.S. index lost ground on Friday. Enterprise software firm Xero XRO.AX fell 2.4% while logistics software maker WiseTech Global WTC.AX declined 3.4%.
Among individual stocks, Ingenia Communities Group INA.AX jumped as much as 20.3% in their largest single-day advance since October 2009 after rejecting a takeover bid from private equity firm Warburg Pincus that valued the Australian property developer at a more than 30% premium.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 marginally inched 0.1% lower.




 (Reporting by Nikita Maria Jino in Bengaluru; Editing by Sherry Jacob-Phillips)
 ((Nikita.Jino@thomsonreuters.com;))
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