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Australian Shares Hold Steady as Energy Stocks Offset Gold Slump
Australian shares were almost unchanged on Monday.
Energy companies gained because oil prices rose.
Oil prices increased after strikes involving the United States and Iran near the Strait of Hormuz.
These gains helped balance losses in gold and technology companies.
Gold stocks fell after a strong U.S. jobs report raised expectations of a Federal Reserve rate hike.
Technology stocks followed the Nasdaq Composite lower.
Ingenia Communities shares jumped after the company rejected a takeover offer from Warburg Pincus.
Real estate and consumer companies also rose.
New Zealand shares edged slightly lower.
The S&P/ASX 200 was virtually unchanged at 9,009.60 on Monday.
Energy stocks rose as oil prices gained amid heightened Middle East tensions.
Gold stocks fell 1% after gold dropped following a stronger-than-expected U.S. jobs report.
Technology stocks declined nearly 2%, led lower by falls in Xero and WiseTech Global.
Ingenia Communities surged 20.3% after rejecting a Warburg Pincus takeover bid valued at a premium of more than 30%.
- Who
- Australian companies and investors, including energy, gold, technology and property stocks.
- What
- The S&P/ASX 200 traded nearly flat as energy gains offset declines in gold and technology shares.
- Where
- Sydney, Australia; related oil-market tensions involved the Strait of Hormuz.
- When
- Monday, September 7, with the index reported at 0010 GMT.
- Why
- Higher oil prices supported energy stocks, while gold and technology shares weakened because of U.S. market and interest-rate developments.
Key facts
- S&P/ASX 200
- Held at 9,009.60 at 0010 GMT.
- Energy stocks
- Woodside Energy rose 0.6% and Santos gained nearly 1%.
- Gold stocks
- The sector fell 1%; Northern Star Resources declined 0.8% and Evolution Mining fell 0.5%.
- Technology stocks
- The sector dropped nearly 2%; Xero fell 2.4% and WiseTech Global declined 3.4%.
- Ingenia Communities
- Shares jumped as much as 20.3%, the largest one-day advance since October 2009.
- Takeover bid
- Ingenia rejected a Warburg Pincus offer valuing the company at a premium of more than 30%.
- New Zealand market
- The S&P/NZX 50 edged down 0.1%.
Sources
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