Australia: Shares see-saw amid global sell-off, New Zealand in correction territory

[BENGALURU] Australian shares see-sawed on Tuesday as investors remained on edge worldwide over the effects of surging oil prices on economic growth, while New Zealand stocks fell more than 1 per cent to enter correction territory.

New Zealand's benchmark S&P/NZX 50 index was last down 1.1 per cent at 11,780.28, shedding more than 10 per cent since hitting a record closing high on Jan. 5.

Stock markets across the globe were rattled by stagflation prospects on a looming US ban on oil imports from Russia, which sent crude prices soaring.

Australia's S&P/ASX 200 index was almost unchanged at 7,037.6 in early trade, with gains in gold and healthcare stocks countering sharp losses in the energy and mining sectors.

Gold stocks rose up to 2.5 per cent, led by a 7.4 per cent jump in St Barbara, as bullion prices held firm near the psychological US$2,000 mark on strong safe-haven demand.

Healthcare stocks gained 2.5 per cent and were on track for their best session since Feb 17, helped by a weaker Australian dollar. Sector heavyweight CSL jumped nearly 3 per cent, while Resmed gained 2.8 per cent.

Miners fell 1.1 per cent despite surging iron ore prices, after a near 9 per cent jump in the past week.

BHP Group, Rio Tinto and Fortescue Metals fell between 1.3 per cent and 1.9 per cent.

Tech stocks tracked their Nasdaq peers lower. Nasdaq has declined 20.1 per cent from its Nov 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition.

Energy stocks led the losses despite strong oil prices, tumbling as much as 2.3 per cent after an 8.9 per cent jump in the past week. Woodside Petroleum dropped 3 per cent, while Beach Energy was down 2.3 per cent.

Nickel miners IGO and Nickel Mines were among the top gainers on the benchmark, boosted by record-high nickel prices. REUTERS