Australian stocks flat as miners offset energy losses

Australian Shares Flat as Miners Gain, Energy Stocks Slip

Australian equities closed nearly unchanged on Monday, as robust gains in the mining sector were offset by a sharp decline in energy stocks. The S&P/ASX 200 index edged up just 0.1% to 8,663.90, following a 0.4% rise on Friday.

Miners surged, with the broader mining sub-index rising 1.2% to a week's high. Heavyweights BHP and Rio Tinto added 0.2% and 0.6%, while gold miners jumped 3.9%, supported by strong bullion prices. Northern Star Resources and Evolution Mining advanced 4.6% and 3.2% respectively.

Conversely, energy stocks slumped 2.5% as oil prices weakened. Woodside Energy and Santos fell 3.1% and 2.4%. Investors remained cautious amid U.S.-Iran tensions and uncertainty over the Strait of Hormuz.

Financials edged lower, with the "Big Four" banks mixed. Commonwealth Bank dipped 0.2%, while others posted modest gains. Rate-sensitive sectors are in focus ahead of the April inflation data due Wednesday, which could influence the Reserve Bank of Australia's rate path. Markets currently see a 41% chance of a rate hike in August.

In New Zealand, the S&P/NZX 50 index rose 0.1% to 13,009.21, with the central bank's rate decision due Wednesday.