Australian shares were largely muted on Monday, as gains in financial stocks were countered by losses in commodity stocks, while investors exercised caution ahead of the local jobs data due later in the week.
The S&P/ASX 200 index was down 0.2% at 8,272.4, as of 0012 GMT.
The benchmark ended 0.8% higher on Friday.
Australia’s October jobs data is due on Thursday. Miners led losses on the benchmark index, tracking weak iron ore futures prices, and shed as much as 2.8% to hit their lowest level since late September.
Heavy-weight miners BHP Group, Rio Tinto and Fortescue lost between 2.9% and 4.2%.
Gold miners lost as much as 1.3%, dragged by falling gold prices.
Gold miner Evolution Mining was down 1.02%.
Energy stocks fell as much as 0.8% due to weaker oil prices.
Brent crude futures fell 0.07% to $73.82. Sector majors Woodside Energy and Santos were down 0.2% and 0.4%, respectively.
Among other sub-indexes, financials were up as much as 0.4% to hit a record high level.
While three of the “Big Four” banks gained between 0.3% and 1.01%, Westpac Banking Corp was down 0.5%.
Overnight, the US Dow Jones Industrial Average rose 259.65 points, or 0.59%, to 43,988.99 on Friday.
The S&P 500 gained 22.44 points, or 0.38%, while Nasdaq edged up 17.32 points, or 0.09%.
Banks help Australian shares log best week since mid-August
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index traded 0.6% lower at 12,691.54.
Fonterra Co-operative rose as much as 6.1% to its highest level since early May 2021, after the dairy giant said it would go ahead with a potential divestment of its global consumer business and integrated operations in Oceania and Sri Lanka.
Comments