Australian shares were steady at midday on Monday as gains in technology offset a decline in the energy sector, with Mineral Resources extending losses as its board continues its investigation into the conduct of founder Chris Ellison.

THE&The P/ASX 200 was up 7 points at 8218.30, tracking a slight lead from Wall Street over the weekend. Of the ASX’s 11 sectors, six rose – with technology leading the way. Buy now, pay later Zipper rose more than 5 percent and the software company Xero advanced by 2 percent.

Miners were in demand with BHP And Rio Tinto up 1 percent and Fortescue increasing by 0.9 percent. The gains came after iron ore prices jumped 1.8 percent on Friday. Mineral resources fell 0.3 percent after announcing that the results of its investigation into an alleged tax evasion scheme linked to Ellison would be revealed next week. The stock was on track to fall 35 percent this month – the biggest losing streak in nearly two decades.

Elsewhere, the big banks were mixed, with ANZ down 0.3 per cent after reporting a one-off accounting charge of $196 million on its statutory second-half profit due to its acquisition of Suncorp.

Energy stocks have taken a beating, following a fall in oil prices after the weekend’s Israeli strikes on Iran were less severe than initially thought. Brent crude and West Texas Intermediate lost more than 4 percent, to $72.89 and $68.7 respectively. Wood side slipped 0.8 percent, Beach energy lost 1.4 percent and Santos fell 0.6 percent.

Actions in motion

Whitehaven Coal jumped 2.2 percent after Citi raised its target price to $8 from $7.6, citing moderation in the company’s unit costs.

WiseTech resumed its ascent, up 1 percent after a tumultuous week with the resignation of founder and chief executive Richard White. The software company jumped 12.7 percent on Friday, but last week suffered its biggest decline in more than a year.

Online furniture retailer Temple & Webster fell 1.2 percent despite reaffirming its FY25 margin guidance amid challenging market conditions.

Lithium mining company I’M GOING THERE fell 0.7 percent after TLEA, its joint venture with China’s Tianqi, announced it would not pay a dividend due to market conditions for spodumene and lithium hydroxide.

Metcash has resumed its descent, down 3.1 per cent despite the extension until 2034 of a deal to supply Drakes supermarkets in Queensland.