Australia: Shares inch lower on Ukraine concerns

[BENGALURU] Australian shares edged lower on Monday after Western nations imposed new sanctions on Russia for its invasion of Ukraine, while energy stocks rose as oil prices jumped on supply disruption fears.

The S&P/ASX 200 index was down 0.1 per cent at 6,991.0 by 0023 GMT, reversing course after rising 0.3 per cent in early trade. The benchmark rose 0.1 per cent on Friday but lost 3.1 per cent last week.

President Vladimir Putin put Russia's nuclear deterrent on high alert on Sunday in the face of a barrage of Western reprisals for his war on Ukraine, which said it had repelled Russian ground forces attacking its biggest cities.

In Australia, financials fell 0.7 per cent and led the decline. National Australia Bank lost 0.6 per cent, while the other three "Big Four" banks gained between 0.1 per cent and 0.3 per cen.t

Healthcare stocks lost 1 per cent with CSL Ltd down 1.5 per cent, while tech stocks fell 1.3 per cent.

Among gainers, energy stocks rose 1.3 per cent after oil prices jumped more than $7 in early trade on fears of supply disruption.

Sector majors Santos and Woodside Petroleum advanced 2.1 per cent and 2.3 per cent, respectively.

Miners followed suit to gain 1.2 per cent. BHP Group climbed 1.9 per cent, while Rio Tinto rose 1.4 per cent.

In corporate news, buy-now-pay-later firm Zip said it would buy US-based Sezzle Inc in a A$491 million (S$479 million) deal, as it looks to further expand its reach in the United States and take on rivals such as Afterpay.

Zip and Australia-listed shares of Sezzle were halted for trading.

New Zealand's benchmark S&P/NZX 50 index was up 0.1 per cent at 11,938.22.

The Reserve Bank of New Zealand's chief economist said the country's trade links with Russia and Ukraine were minor but there could be some impact through market volatility and commodity prices. REUTERS