AU Evening Wrap: ASX Edges Up, Buoyed by Energy and Gold Stocks

The benchmark $S&P/ASX 200 (.XJO.AU)$ added 16 points, or 0.2 per cent to 6970.2 at the closing bell after the shock attacks on Israel sent oil surging more than 5 per cent and investors piled into gold as a safe haven asset.

The energy sector was the best performer on ASX, closing up over 3 per cent as traders pushed the West Texas Intermediate up above $US86 a barrel on Monday. $Woodside Energy Group Ltd (WDS.AU)$ climbed 3.1 per cent to $35.24, $Santos Ltd (STO.AU)$ rose 4.2 per cent to $7.66 and $Ampol Ltd (ALD.AU)$ gained 1.9 per cent to $32.30.

Gold stocks also advanced on the back of a spike in the precious metal price. $Capricorn Metals Ltd (CMM.AU)$ jumped 5.4 per cent to $4.33, $Newcrest Mining Ltd (NCM.AU)$ increased 4.7 per cent to $25.42. The price of gold climbed more than 1 per cent to $US1851.65 an ounce.

Meanwhile, the major iron ore miners pared earlier gains, tracking the weakening in the iron ore price. $BHP Group Ltd (BHP.AU)$ finished up 0.1 per cent to $44.03 after rallying more than 1 per cent earlier and $Fortescue Ltd (FMG.AU)$ shed 1.9 per cent to $20.67. Futures on the Singapore exchange traded lower on the November contract, down 2.2 per cent to $US112.3 a tonne.

In other news, $Magellan Financial Group Ltd (MFG.AU)$ shares dropped another 7.2 per cent on Monday to $6.66 and was one of the worst performers on the ASX 200. The money manager extended its decline from Friday after recording a drop in funds under management.