Australian shares inch higher as healthcare and staples gain

Business Recorder reported that Australian shares edged up on Monday, with the S&P/ASX 200 gaining 0.1% to 8,748.4 as of 1207 GMT. Staples and healthcare names provided support, although falls in mining stocks limited the rally. Investor appetite was dented after renewed Middle East hostilities pushed oil prices higher.

Healthcare stocks rose 1% and were poised to end a three-day losing run, with CSL climbing more than 1.5%. Consumer staples gained 0.4%, as Woolworths and Coles each added over 1%. Energy shares posted slight gains, helped by Woodside Energy and Santos.

Miners weighed on the index, as the broader mining gauge slipped 0.5% for a fourth straight session on softer iron ore and copper prices. Gold miners gained 0.4% on firmer bullion prices, with Northern Star Resources up about 1%. BHP lost 0.7% and Rio Tinto 0.1%, while technology shares rose 0.9%, tracking Nasdaq's strong finish on Friday. FleetPartners hit a record high after three bidders raised their offers.