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

The S&P/ASX 200 was 7 points higher at 8218.30, tracking a mutated lead from Wall Street over the weekend. Of the ASX’s 11 sectors, six rose – with tech leading the charge. Buy now, pay later provider Zip rallied more than 5 per cent and software company Xero advanced 2 per cent.

Miners were in demand with BHP and Rio Tinto up 1 per cent and Fortescue advancing 0.9 per cent. Those gains came after iron ore prices jumped 1.8 per cent on Friday. Mineral Resources eased 0.3 per cent after announcing the outcome of its investigation into an alleged tax evasion scheme linked to Ellison would be revealed by next week. The stock was on course for a 35 per cent slide this month – the biggest losing streak in nearly two decades.

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

Energy stocks were battered, tracking a tumble in oil prices after Israel’s weekend strikes over Iran were less severe than initially thought. Brent crude and West Texas Intermediate shaved off more than 4 per cent to $US72.89 and $US68.7 respectively. Woodside skidded 0.8 per cent, Beach Energy shed 1.4 per cent and Santos retreated 0.6 per cent.

Stocks on the move

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

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

Online furniture retailer Temple & Webster dropped 1.2 per cent despite reaffirming its FY25 margin guidance amid challenging market conditions.

Lithium mining company IGO fell 0.7 per cent after TLEA, its joint venture with China’s Tianqi, said it would not pay a dividend due to the market conditions for spodumene and lithium hydroxide.

Metcash summarized its descent, down 3.1 per cent despite extending to 2034 a deal to supply Queensland’s Drakes supermarkets.