Australian shares flat as BHP and tech losses counter energy and consumer gains

Australian shares struggled for momentum on Monday, as losses in BHP and technology stocks countered gains in energy and consumer discretionary equities, while doubts about the Middle East peace process emerged after Iran closed the Strait of Hormuz.

The S&P/ASX 200 index was largely unchanged at 8,826, as of 0030 GMT.

The benchmark fell 0.9% on Friday.

US President Donald Trump threatened fresh attacks on Iran and Tehran said it had again closed the Strait of Hormuz, even as US and Iranian officials met for the first talks under an interim peace deal.

Oil prices rose as shipping through the strait slowed, while most share markets in Asia slipped on doubts about the Middle East peace process.

In Sydney, energy stocks rose 0.7%, with Woodside Energy and Santos gaining more than 0.2% each.

Miners fell 0.5% as BHP, the world’s largest listed miner, dropped 1.7%, extending losses.

BHP has lost more than 6% of its value since the miner warned of cost overruns at its Jansen project on Thursday.

Rio Tinto and Fortescue slipped about 0.6% and 0.9%, respectively, on Monday.

Technology shares slid 1%, dragged down by a nearly 13% decline in WiseTech Global.

Financial stocks were nearly flat, with top lender Commonwealth Bank of Australia up about 0.3%, while NAB, Westpac and Macquarie Group declined between 0.5% and 0.8%.

Consumer discretionary stocks added 0.5%, while real estate stocks edged up 0.3%.

Gold stocks snapped two consecutive sessions of losses and rose 0.2%.

Among individual stocks, SGH surged as much as 3.4% after the media billionaire Kerry Stokes-owned company announced a share buyback of up to A$500 million.

New Zealand’s benchmark S&P/NZX 50 index was flat at 13,499.23 points.

Shares of a2 Milk surged as much as 11% to hit their highest in nearly two months after the company received approval in China to convert some milk formula registrations into its own brands.