Australia: Shares fall as tech stocks, banks drag; New Zealand drops

[BENGALURU] Australian shares edged lower on Monday, as a Wall Street-led drop in local tech stocks and banks outweighed sharp gains in miners and energy stocks following a consistent spike in commodity prices on supply risks from Russia.

The S&P/ASX 200 index was down 0.9 per cent at 7,044.9 points, with the tech index leading losses.

The tech sub-index slid 3.9 per cent, down for a third straight session and dropping to its lowest since Feb 25. Payments firm Block Inc's Australian shares declined 9 per cent, the biggest percentage loser on the sub-index.

Financial stocks fell 1.5 per cent, on track for their fourth session of losses and lowest levels since Jan 28.

Major banks dropped between 0.8 per cent and 1.7 per cent, although the Commonwealth Bank of Australia was up 0.9 per cent.

However, robust commodity prices have set energy stocks for their best session since November 2020, logging a gain of over 6 per cent.

Australia's top independent gas producer Woodside Petroleum outperformed gains in the energy sector, surging nearly 10 per cent. Shares of Santos jumped 6 per cent.

Australian gold miners jumped 4.7 per cent to their highest levels since July 16 as demand for safe-haven bullion lifted prices by about 4 per cent in the past week.

Resolute Mining was the top gainer on the sub-index, climbing 11 per cent, followed by De Grey Mining, up nearly 10 per cent.

Miners were up 0.9 per cent, dominated by gains in gold stocks, with sector heavyweights BHP Group, Rio Tinto and Fortescue Metals all rising 1.3 per cent to 2.5 per cent.

Among individual stocks, Qantas Airways was among the top losers on the benchmark ASX 200 index, slumping about 8 per cent on higher oil prices.

The country's top power producer AGL Energy said on Monday it had rejected a sweetened A$8.25 apiece takeover bid from a Brookfield-led consortium. Its shares were down 0.1 per cent.

In New Zealand, the benchmark S&P/NZX 50 index fell nearly 0.9 per cent to 12,027.97. REUTERS