The Australian share market ended Monday marginally higher, erasing earlier losses as a rally in gold miners helped lift the materials sector amid growing concerns over the United States economy.
The S&P/ASX 200 Index added 1.7 points to finish at 8,663.7 after falling to an intraday low of 8,630.9. Five sectors finished in positive territory while six declined.
Materials led the gains, powered by strong advances in gold stocks. The surge came as spot gold rose 2.3% on Friday, after a weaker-than-expected U.S. nonfarm payrolls report triggered expectations of interest rate cuts by the Federal Reserve as early as September.
Northern Star gained 5.6%, Evolution Mining rose 2.6%, and Newmont advanced 0.9%.
The major miners also contributed, with BHP up 0.9%, Rio Tinto 0.4% higher, and Fortescue Metals adding 1.5%.
Consumer staples posted gains. Woolworths climbed 1.3%, Coles added 1.7%, and Endeavour Group jumped 3% after executive chairman Ari Mervis resigned due to boardroom disagreements. Lead independent director Duncan Makeig has been named interim chair, while CFO Kate Beattie will serve as interim CEO until Jayne Hrdlicka assumes the role on 1 January.
Energy was the worst-performing sector, dragged lower by a drop in oil prices. Woodside Energy fell 1.3% and Santos eased 0.3%.
Beach Energy defied the broader sector trend, rallying 3.5% after announcing it would triple its second-half dividend, despite posting a full-year loss and issuing production guidance that missed some expectations.
Financials were also under pressure. Commonwealth Bank slipped 0.1%, National Australia Bank dropped 0.7%, and Westpac declined 0.8%.
Among individual names, WiseTech Global fell 1.7% after completing its largest-ever acquisition - the US$2.1 billion (A$3.25 billion) purchase of Texas-based supply chain software firm e2Open.
On the bond markets, the yield on 10-year Australian government bonds rose 1% to 4.263%, while two-year yields edged 0.1% lower to 3.299%.