FX.co ★ Australian Shares Fall on Energy Losses

The S&P/ASX 200 index dipped by 0.3% to approximately 8,741 on Monday, extending its losses from the prior session. The downturn was largely driven by weaker performances in energy stocks, which overshadowed robust gains seen in the mining and gold production sectors. Shares tied to oil were pressured after crude oil prices fell on Friday due to fears of an impending supply surplus, adversely affecting the index during a day of reduced trading volume owing to the holiday. Woodside Energy Group experienced a 0.4% decline, while Santos saw a steeper drop of 1.5%. The financial sector also weighed down any broader market recovery, with losses from Commonwealth Bank of Australia (-0.2%), Westpac Banking Corporation (-0.6%), and National Australia Bank (-0.4%). Conversely, mining companies reached record levels, driven by significant increases in copper prices and a strengthening in iron ore, while gold stocks surged in tandem with the precious metal's advance to new highs. BHP recorded a 0.3% increase, Northern Star Resources rose by 0.2%, and Evolution Mining experienced a 1.9% gain.