Australian shares inched lower on Monday, with miners declining the most on China demand worries, while traders awaited December jobs data due later in the week for hints on the central bank’s next interest rate moves.
The S&P/ASX 200 index edged 0.1% lower to 7,491.30 by 2343 GMT.
The benchmark gained a marginal 0.1% last week. Investors will closely monitor the Australian employment data for December due to be released on Thursday.
The country’s employment had outpaced expectations for the second straight month in November. Focus will also be on quarterly production reports of mining giants.
Rio Tinto and BHP Group will announce their December-quarter numbers this week. Mining stocks dropped as much as 0.9% to hit their lowest level in a month.
Iron ore futures slipped last week as persistently weak economic data in top consumer China dented demand prospects.
BHP and Rio Tinto were down 1% and 0.8%, respectively. Gold stocks climbed 0.9%, following a rally in bullion prices last week as Middle East tensions triggered safe-haven buying.
Top gold miner Northern Star Resources jumped 0.7%, while Newmont’s Australia-listed shares gained nearly 1.2%.
Australian shares close largely flat
Energy stocks climbed 0.6%, tracking a jump in oil prices on Friday as an increasing number of oil tankers diverted course from the Red Sea following strikes by the US and Britain on Houthi targets in Yemen.
Boss Energy rose as much as 9.2% to touch an all-time high, while Paladin Energy advanced 7.1%.
Technology stocks were up 0.4%, while healthcare stocks dipped 0.4%.
Among individual stocks, Super Retail Group rose as much as 6% to hit an all-time high, as the retailer’s earnings forecasts beat analysts’ estimates.
The stock was among the top gainers on the benchmark index.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index fell 0.4% to 11,806.49.
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