Sept 8 (Reuters) – Australian shares slipped slightly on Monday, dragged lower by energy stocks and banks, though gold miners touching record highs and strength in broader mining names helped limit the fall.
The S&P/ASX 200 index fell 0.3% to 8,849.10, as of 0026 GMT. The benchmark closed 0.5% lower on Friday.
Trading resumed on a cautious note in Australia on Monday, following a data-heavy week that saw domestic growth figures temper expectations of near-term interest rate cuts.
Energy stocks fell 2.1% to their lowest level since July 21.
Oil and gas major Woodside Energy lost 3.5%, while smaller peer Santos shed 1%.
Heavyweight financials lost 0.7%, with the “Big Four” lenders falling between 0.3% and 0.9%.
Among corporate news, Australian grocers Woolworths and Coles said the two supermarket giants could incur millions in additional remediation costs following the federal court’s decision on historical underpayments to staff.
Shares of both firms were down 0.3% each.
Bucking the market trend, miners rose 0.4%, driven by higher iron ore prices. The gains provided some cushion to the benchmark index.
Iron ore miner Rio Tinto gained 1.5%, while lithium miner Pilbara Minerals rose as much as 5.4%, touching its highest level since December 4, 2024.
Gold miners gained as much as 1.7%, hitting a record high as bullion prices rose, with Northern Star Resources edging up 0.5%.
Health stocks added 0.3%, on track for their third consecutive session of gains, with Biotech giant CSL rising 1%.
Technology stocks gained 1%, set to rise for the third consecutive session.
WiseTech Global advanced 1.3%.
In New Zealand, the benchmark S&P/NZX 50 index traded largely flat at 13,219.42 points.
(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
