S&P/ASX 200 edges up as Australian shares end flat, energy, gold miners offset bank losses on Middle East conflict; check top gainers and losers

Australian Sharemarket: Australian shares began the week flat with S&P/ASX ⁠200 ⁠index closing up just 2.30 points (approximately 0.03%) on Monday (March 2, 2026) to 9,200.90. According to Reuters, gains in miners, energy, and gold stocks were offset by a drop in financials, with the breakout of military conflict in the Middle East dampening risk ‌ appetite.

The S&P/ASX 200 closed up just 2.30 points Monday to 9,200.90, according to the ASX website. The benchmark rose 1.3% last week. Over the weekend, the U.S. and Israel launched their most significant strikes on Iran in decades, prompting Iran to retaliate with missile barrages across the region.

The ongoing conflict in the Middle East doesn't seem to ease anytime soon with US President Donald Trump warning operations would continue until all US objectives are met.

S&P/ASX 200: Top gainers and losers

The S&P/ASX 200 saw notable movement across several stocks, with strong gains recorded by energy and mining companies, while technology and travel-linked shares featured among the biggest declines.

Leading the gains was Karoon Energy Ltd (KAR), which closed at $1.780, up $0.235 or 15.210 per cent. It was followed by Resolute Mining Limited (RSG), finishing at $1.640, a rise of $0.155 or 10.437 per cent. Genesis Minerals Limited (GMD) climbed to $8.060, gaining $0.630 or 8.479 per cent. Shares in Ora Banda Mining Ltd (OBM) ended the session at $1.390, up $0.100 or 7.751 per cent. Rounding out the top five was Woodside Energy Group Ltd (WDS), which advanced to $30.240, adding $1.930 or 6.817 per cent.

On the downside, Zip Co Limited (ZIP) was the biggest decliner, slipping to $1.750, down $0.160 or 8.377 per cent. SiteMinder Limited (SDR) fell to $3.320, shedding $0.280 or 7.778 per cent. Mesoblast Limited (MSB) closed at $2.070, a drop of $0.170 or 7.590 per cent. Light & Wonder Inc. (LNW) declined to $124.850, losing $9.360 or 6.975 per cent. Meanwhile, Web Travel Group Limited (WEB) slipped to $3.020, down $0.210 or 6.502 per cent.

Energy was the best performing sector

Sectors ended mixed along with the S&P/ASX 200 Index. 4 sectors were higher and 7 lower. Energy was the best performing sector, gaining +5.50% and +7.60% for the past five days, according to the ASX website.

Financials fell 1.8%, in their worst session since November 18, with all the "Big Four" banks falling, Reuters reported. Airline stocks also fell amid flight cancellations, with Qantas Airways dropping over 5% as investors weighed ⁠higher fuel costs and softer travel demand. Bucking the trend, commodity stocks rose on safe-haven demand, with miners jumping 2% to hit record highs. Gold miners rose 4.7% to hit all-time highs as well, as bullion surged.

Energy stocks cushioned losses further, jumping 5.5% to hit their highest level since July 22, 2024, as oil prices surged. Woodside and Santos rose over 6%. Meanwhile, New Zealand's benchmark S&P/NZX 50 index ended 0.5% lower at 13,656.65 points.