Australian shares dip as tech and energy drag, Treasury Wine hits 10-year low

Miners, gold stocks lift Australian shares higher slipped on Monday, as losses in technology and energy stocks outweighed gains in gold equities, while Treasury Wine Estates slumped to its lowest in a decade after suspending its share buyback plan and withdrawing its profit forecast.

The S&P/ASX 200 index fell 0.7% to 8,896.30 by 2359 GMT.

The benchmark closed 0.1% lower on Friday.

Shares of Treasury Wine Estates fell more than 14% to hit their lowest since September 2015, after the winemaker suspended its A$200 million ($129.94 million) share buyback programme and withdrew its EBITS growth forecast for fiscal 2026.

Technology stocks fell 2.8% to their lowest since September 4, following a sharp selloff on Wall Street on Friday as US President Donald Trump escalated his trade conflict with China after Beijing tightened its rare earth restrictions.

Australian technology firms WiseTech Global and Xero slumped 3% and 2.6%, respectively. Energy stocks declined 1.9% to their lowest in more than four months on lower crude oil prices, as Trump’s threat to impose increased tariffs on China cast a shadow over the demand outlook.

Energy firms Woodside Energy and Santos fell 2.4% and 2.1%, respectively. Banks fell 0.6%, with three of the “Big Four” banks down between 0.4% and 0.5%.

Shares of ANZ Group were flat after the bank said it would stop the remaining A$800 million of its share buyback but maintain its dividend.

Limiting the benchmark index’s losses, gold stocks rose 3.2% as bullion prices hit a record high on safe-haven demand. Gold miner Northern Star Resources jumped 3.1%.

In New Zealand, the benchmark S&P/NZX 50 index fell 1% to 13,329.05.