Australian shares finished little changed on Monday as a surge in oil prices following renewed United States-Iran hostilities was offset by weakness in technology and mining stocks.
The S&P/ASX 200 Index edged up 2.5 points, or 0.03%, to close at 8,808.5. Five of the 11 sectors finished higher, while six ended in negative territory.
The Technology sector led declines after Xero tumbled 4.3% following the disclosure that Chief Executive Sukhinder Singh Cassidy had sold her remaining direct shareholding in the company for “managing personal tax obligations”.
Cassidy sold 29,608 ordinary shares on-market at A$74 each, raising approximately $2.2 million.
Elsewhere in the sector, WiseTech Global fell 2.0%, TechnologyOne lost 1.0%, and NextDC dropped 3.2%.
Utilities also weakened, with Origin Energy falling 2.1% and AGL Energy retreating 3.7%.
Materials finished lower as renewed Middle East tensions sent gold prices lower.
Northern Star Resources declined 2.8%, Evolution Mining lost 1.8%, and Newmont shed 1.2%.
Among major mining names, BHP gained 0.1%, Rio Tinto slipped 0.3%, and Fortescue advanced 1.6%.
Telecommunications stocks led gains during the session, with Telstra rising 1.6% after resolving a mobile network outage that disrupted calls and data services from 8 July. "Services have now been restored, and customers can feel confident calling Triple Zero." the company said in a release.
REA Group added 0.4%, while TPG Telecom slipped 0.3%.
The Energy sector outperformed after crude oil prices jumped more than 4% amid concerns over supply disruptions following renewed military strikes between the United States and Iran and uncertainty surrounding shipping through the Strait of Hormuz.
Woodside Energy rose 0.9%, Viva Energy climbed 3.6%, while Santos edged 0.3% lower.
Ampol gained 4.2% after securing a new $400 million delayed-draw subordinated notes facility backed by KKR's private credit and insurance platforms.
Among individual movers, City Chic Collective surged 27.8% after forecasting unaudited underlying EBITDA of between $11.5 million and $12.5 million for the 52 weeks ended 28 June.
The outlook represents an 80% to 95% increase from a year earlier, driven by margin expansion and disciplined cost management despite challenging trading conditions.
The company also reported a 3.1% decline in annual revenue, largely reflecting the closure of its Amazon wholesale business and a 28.1% fall in U.S. sales following tariff-related reductions in inventory purchases.
oOh!media advanced 4.1% after confirming that all three takeover suitors - Pacific Equity Partners, I Squared Capital and Oaktree Capital Management - had reaffirmed their non-binding indicative proposals on Friday.
On the bond markets, the Australian 10-year government bond yield rose 0.04% to 4.862%, while the two-year yield slipped 0.4% to 4.481%.
