Australia: Shares edge up on energy stocks boost; tech caps gains

[BENGALURU] Australian shares inched higher on Monday (Feb 14), helped by energy stocks as oil prices jump on fears of a possible invasion of Ukraine by top energy producer Russia that would disrupt exports in an already tight market, while gains were capped by technology stocks.

The S&P/ASX 200 index rose 0.4 per cent to 7,243.90 in its best session since Feb 10. The benchmark ended 1 per cent lower on Friday.

Global markets were cautious after the United States said Russia could invade Ukraine at any time and may create a surprise pretext for an attack.

The energy index hit an over 1-year high, gaining 3.4 per cent as oil prices soared to their highest in more than 7 years on supply jitters.

Major oil and gas firms Woodside Petroleum and Santos were up 3.6 per cent and 4 per cent, respectively, while Beach Energy jumped 9.4 per cent on robust first-half earnings.

Gold prices eased from a 3-month high in the previous session, although losses were limited as a retreat from riskier assets during rising political and financial uncertainties strengthened demand for the safe-haven bullion.

Domestic gold stocks climbed 5.3 per cent, with heavyweights Newcrest Mining and Northern Star Resources rising 4.3 per cent and 5.9 per cent, respectively.

"Rising inflationary pressures in the US also contributed to investors' shift towards gold to some extent," said Kunal Sawhney, chief executive officer of Kalkine Group.

Financials advanced 1.5 per cent, with 3 of the so-called "Big Four" adding between 1.4 per cent and 2 per cent, while Westpac Banking led the gains, climbing 4.8 per cent.

Bucking the broader trend, technology stocks retreated 0.4 per cent, tracking the sharp losses by their Wall Street peers on Friday.

Accounting software maker Xero dropped 1.5 per cent.

However, electronics retailer JB Hi-Fi rose 5.4 per cent on January sales growth and a A$250 million (S$239.8 million) capital return.

New Zealand's benchmark S&P/NZX 50 index fell 1.8 per cent to 11,950.14.

Skycity Entertainment was down 3.7 per cent after the casino operator reported a loss in half-year earnings. REUTERS