Australian shares tread water as energy stocks counter gold slump

Australian shares traded in a tight range on Monday, according to Business Recorder, as energy stocks offset weakness in gold producers. The S&P/ASX 200 held near 9,009.60 at 0010 GMT, having dropped 0.2% on Friday and recorded its weakest week in almost a month.

Crude prices climbed after United States and Iran exchanged strikes on vessels in the Strait of Hormuz and other areas over the weekend, raising fears of a longer supply disruption. Woodside Energy rose 0.6% and Santos nearly 1%, helping energy shares end a two-session slide.

Gold stocks fell 1% after bullion dropped 2% on Friday following a stronger US jobs report that lifted expectations of a Federal Reserve rate hike. Technology names slid nearly 2%, tracking a lower Nasdaq Composite, while Ingenia Communities Group rose by as much as 20.3% after rejecting a takeover bid from Warburg Pincus valued at a premium of more than 30%.