Banks and health stocks dragged Australian equities lower on Monday as investors awaited domestic jobs data due later this week, while Insignia Financial hit more than three-year high on Bain Capital’s sweetened offer.
The S&P/ASX 200 index slid 0.9% to 8223.1 by 0001 GMT.
The benchmark had fallen 0.4% on Friday, but rose 0.5% for the week.
Traders awaited the domestic employment data expected on Thursday for clues on the Reserve Bank of Australia’s (RBA) policy stance.
A strong jobs data could defer the cuts. Rate-sensitive financials dipped 1.6% and were set to decline for the third consecutive session.
The “Big Four” banks dropped between 1.9% and 1.3%.
Meanwhile, Insignia Financial jumped as much as 3.2% to A$4.250, the highest since Oct. 28, 2021, after private equity firm Bain Capital sweetened its offer, valuing the wealth manager at A$2.87 billion ($1.77 billion) and heating up the bidding war.
Australian shares flat as miners offset losses in banks
Miners recovered some of the early losses to trade flat. Sector majors BHP was unchanged, while Rio Tinto added 0.2% in volatile trading.
Pharma stocks slipped 1.4% and were headed for their worst trading day since Dec. 19, 2024. IT and real estate firms declined 2.1% and 1.5%, respectively.
Energy stocks bucked the trend to gain 1.7% on the back of higher oil prices, which rallied as traders braced for supply disruptions.
Sector heavyweight Woodside Energy advanced 2.2%.
Brent crude futures climbed 1.23% to $80.74 a barrel and US West Texas Intermediate (WTI) crude gained 1.36% to $77.62 per barrel.
New Zealand’s benchmark S&P/NZX 50 index fell 0.4% to 12,843.06 points as of 0001 GMT.
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