[BENGALURU] A sharp jump in energy stocks on the back of a surge in global oil prices was not quite enough to lift the Australian market on Monday, as the heavyweight financial index dragged on the bourse amid caution on global growth.
Oil prices spiked by about 11 per cent after two plants at the heart of Saudi Arabia's oil industry were attacked on Saturday, knocking out more than 5 per cent of the global oil supply. Gold stocks gained almost 3 per cent as prices for the precious metal rose in safe haven buying. Gold miner Northern Star Resources jumped as much as 7.6 per cent after the company said it would invest US$30 million to expand the processing plant at its Pogo gold mine in Alaska.