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% to enter correction territory.

New Zealand’s benchmark S&P/NZX 50 index was last down 1.1% at 11,780.28, shedding more than 10% 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.

Australian shares extend gains on mining, energy boost

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%, led by a 7.4% jump in St Barbara, as bullion prices held firm near the psychological $2,000 mark on strong safe-haven demand.

Healthcare stocks gained 2.5% and were on track for their best session since Feb. 17, helped by a weaker Australian dollar.

Sector heavyweight CSL Ltd jumped nearly 3%, while Resmed gained 2.8%.

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

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

Tech stocks tracked their Nasdaq peers lower. Nasdaq has declined 20.1% 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% after an 8.9% jump in the past week. Woodside Petroleum dropped 3%, while Beach Energy was down 2.3%.

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