Australian shares inch higher as energy stocks rally
By Adrian Black
Energy stocks were the only winners as the market opened after weekend strikes in the Middle East. -AAP Image
Australian shares have had a shaky session as oil prices continued to weigh on confidence and select miners jumped after China announced fiscal stimulus.
Hold tight - we’re checking permissions before loading more content
The S&P/ASX200 rose five points, or 0.06 per cent, to 9,010.9 on Monday as the broader All Ordinaries gained 4.6 points, or 0.05 per cent, to 9,200.6.
Energy stocks outperformed the bourse, up 1.7 per cent as oil prices hit seven-week highs after the US and Iran exchanged tit-for-tat strikes at the weekend.
Major miners helped support the bourse, with BHP, Rio Tinto and Fortescue lifting after China flagged a $US54 billion ($A75 billion) injection into state banks and insurers to shore up its financial sector.
The Australian dollar is buying 72.09 US cents, up from 72.04 US cents on Friday at 5pm.
13°C