Financials Lift Australian Shares
Australian Shares Edge Higher As Financial Gains Offset Energy And Mining Losses
Anonymous
Australian shares edged about 0.2% higher Monday, recovering some recent losses as gains in banks and other financial stocks helped offset weakness in energy and mining shares. Investor sentiment remained cautious as oil prices climbed amid tensions over the Strait of Hormuz, after President Donald Trump rejected Iran’s proposal to reopen the waterway. Traders were also weighing the Reserve Bank of Australia’s upcoming policy decision, with expectations leaning toward further tightening. Karoon Energy fell sharply after cutting its 2026 production guidance, while Northern Star Resources rose after rejecting a takeover offer. Separately, three Metrics Credit Partners funds valued at a combined $3 billion were halted ahead of annual audit deadlines.
Key Points
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Iran continued to press for a seven-day plan to reopen the Strait of Hormuz, and the dispute helped push oil to about US$106 a barrel.
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Karoon Energy cut its 2026 production outlook after an electrical fault forced the closure of a major well off Brazil’s coast the previous week.
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Northern Star Resources’ shares surged after it rejected a takeover offer from South African miner Gold Fields.
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Investors were also awaiting China’s January–August industrial-profit figures, with purchasing managers’ index surveys due in the following days.
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