Australian shares inch higher as healthcare and staples gain

Australian shares inched higher on Monday, buoyed by domestic staples stocks and healthcare firms, though losses in miners capped the advance as renewed Middle East hostilities lifted oil prices and curbed risk appetite.

The S&P/ASX 200 index was up 0.1% to 8,748.4, as of 1207 GMT, on track for its biggest rise in a week, if gains hold.

The benchmark recovered marginally from its lowest close in over two months, which it logged on Friday.

Healthcare stocks jumped 1% and were on track to snap a three-day losing streak, helped by a more than 1.5% jump in heavyweight CSL.

Consumer staples climbed 0.4%, with both Woolworths and Coles adding more than 1%.

Energy stocks eked out marginal gains, supported by sector majors Woodside Energy and Santos.

Oil prices jumped more than 2% on Monday after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf over the weekend compounded supply concerns following the closure of a key Saudi oil pipeline.

Gold miners were up 0.4% due to firmer gold prices, with Northern Star Resources adding about 1%.

However, the broader mining gauge slipped 0.5%, marking its fourth consecutive session of losses on weaker iron ore and copper prices. BHP and Rio Tinto lost 0.7% and 0.1%, respectively.

Meanwhile, technology stocks were up 0.9%, on track to gain the most since earlier this month, tracking Wall Street peer Nasdaq’s strong finish on Friday. Financials advanced slightly, with the “Big Four” banks adding between 0.2% and 1%.

Shares of vehicle leasing firm FleetPartners surged to a record high after three active bidders tabled higher offers.

Elsewhere, three-year yields eased 1.9 basis points to 4.986%, while 10-year yields fell to 5.352%, but stayed near their highest levels since mid-2011.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.6% to 13,658.14.