Australian shares tread water as energy stocks counter gold slump

Australian shares remained relatively stable on Monday, with the S&P/ASX 200 index holding steady at 9,009.60 as of 0010 GMT. Energy stocks partially mitigated the decline in gold stocks, while investors largely refrained from making moves due to escalating tensions in the Middle East fueling oil prices. The S&P/ASX 200 index, which dropped 0.2% on Friday, marked its worst week in nearly a month.

Oil prices increased on Monday following a series of tit-for-tat strikes between the United States and Iran in the Strait of Hormuz and other regions, deepening concerns about a prolonged supply disruption. Energy-related stocks in Sydney rebounded after two days of losses, with Woodside Energy and Santos rising 0.6% and nearly 1%, respectively.

Real estate and consumer discretionary stocks also contributed to the broader market's upward trend, increasing by 0.6% and 0.4%, respectively. Goodman Group shares climbed 0.4%, while JB Hi-Fi surged as high as 1.5% to reach its highest level in nearly two weeks. Gold stocks, however, declined by 1%, falling 2% on Friday after a stronger-than-expected U.S. jobs report heightened expectations of an imminent rate hike from the Federal Reserve.

Technology stocks slipped nearly 2%, following a decline in the Nasdaq Composite after the U.S. index experienced a drop on Friday. Xero fell 2.4%, while WiseTech Global dropped 3.4%. Notably, Ingenia Communities Group surged 20.3%, its largest single-day rise since October 2009, following its rejection of a takeover bid from Warburg Pincus at a valuation exceeding a 30% premium. Meanwhile, New Zealand's benchmark S&P/NZX 50 index edged up by 0.1%.