The Australian sharemarket ticked lower on Monday, with technology stocks leading losses amid broad weakness at the start of the final trading week of the year.
The S&P/ASX 200 finished 37.0 points or 0.4% lower at 8,725.7, after rising 1.6% last week. 10 of the 11 sectors finished in the red.
However, the benchmark is on track for an annual gain of about 6.9%, marking its third consecutive yearly increase, though it continues to lag many global peers that are set to post double-digit gains.
Technology stocks weighed on the index. Wisetech Global lost 1%, Xero slipped 0.2%, and TechnologyOne declined 2.7%, alongside data centre operator NextDC, which fell 2.1%.
Energy stocks slipped after crude oil prices declined late last week. Santos lost 1.5%, Beach Energy fell 1.3% and Viva Energy moved 1.9% lower, and Woodside Energy lost 0.4% despite announcing it had signed a supply agreement with Turkish state-owned petroleum company BOTAS to deliver around 5.8 billion cubic metres of liquefied natural gas for up to nine years from 2030.
Mining stocks had a volatile session, initially leading the market before trimming gains in line with movements in commodity prices.
Rio Tinto slipped 0.5%, BHP dipped 0.4%, and Fortescue Metals slipped 1.3%.
Precious metal miners were among the strongest performers after silver and gold prices hit fresh records on Friday. Silver climbed above US$80 an ounce for the first time, driven by a global supply shortage and its designation as a critical mineral in the United States.
Silver Mines jumped 18.4% and Sun Silver surged 14.5%.
Gold miners pared early gains to finish mixed after bullion eased around 0.4% following signs of progress towards a potential peace deal between Ukraine and Russia.
U.S. President Donald Trump said he and Ukrainian President Volodymyr Zelenskyy were “getting a lot closer, maybe very close” to an agreement to end the war after discussions in Florida over the weekend.
Northern Star fell 0.7%, Evolution Mining added 0.5% and Newmont finished 0.5% lower.
Elsewhere, Star Entertainment surged 7.7% after announcing changes to its leadership team. The casino operator confirmed the appointment of Bruce Mathieson Jnr as chief executive officer, while chief financial officer Frank Krile and chief operating officer Jeannie Mok will depart the company.
DroneShield was the weakest performer on the benchmark, sliding 4.9%.
On the bond markets, Australian government yields edged higher, with the 10-year and two-year rates up around 0.6% and 0.7% at 4.767% and 4.060%, respectively.
