ASX 200 rebounds as energy and materials stocks gain

The Australian sharemarket rebounded on Monday, recovering from early losses to close slightly higher. The S&P/ASX 200 gained approximately 14.7 points, or 0.17 per cent, to finish at 8809.

The recovery was driven primarily by advancements in energy and materials sectors. Energy stocks, including Woodside Energy and Santos, saw gains following a rise in oil prices, which reached multi-month highs amid geopolitical tensions in the Middle East. Mining companies such as BHP and Fortescue also posted gains, alongside various gold miners.

These gains helped offset weakness in the banking and retail sectors. Major banks faced downward pressure as investors weighed the potential for an interest rate hike by the Reserve Bank of Australia following upcoming inflation data. Additionally, consumer staples like Woolworths and Coles saw declines due to concerns regarding rising fuel costs and household spending.