Australian shares stuck in tight range, resources top drag

Australian shares traded in a tight range on Thursday, as losses in resources stocks countered gains in financial and technology names, while Link Administration jumped after saying that it would recommend Dye & Durham’s revised $1.7 billion takeover offer.

The S&P/ASX 200 index rose about 0.1% to 6,763.2 by 0100 GMT after closing 1.7% higher on Wednesday.

Energy stocks led the laggards, trading 1.3% lower as oil prices fell for a second straight session after US government data showed tepid gasoline demand during the peak summer driving season.

Woodside Energy and Santos dipped 2.4% and 0.4%, respectively, even after reporting a jump in quarterly revenues.

Miners fell 0.4% as iron ore prices in China tumbled due to sustained weak demand for the steel-making ingredient.

Index heavyweights Rio Tinto, Fortescue Metals Group and BHP Group dropped between 0.4% and 1.8%.

Miners, banks drive Australia shares higher as US earnings lift sentiment

Technology stocks firmed 2.6% after a strong Nasdaq session overnight.

Xero Ltd and Computershare Ltd gained 2.6% and 0.3%, respectively.

Financials advanced about 0.2%, with three of the “big four” banks rising about 0.3% each.

Shares of Link rose 8.9% after the share registry company said it would recommend Canada’s Dye & Durham’s revised A$4.81 per share offer.

New Zealand’s benchmark S&P/NZX 50 index rose 0.7% to 11,283.9.