March 10 (Reuters) - Australian shares edged higher on Monday, and hovered just below the crucial 8,000 level, as commodities supported a slight rebound in the benchmark index following a sell-off seen in the previous session amid global market uncertainty.
The S&P/ASX 200 index .AXJO was up 0.2% at 7963.8, as of 2341 GMT. The benchmark fell 1.8% to close below the key 8,000 mark for the first time in six months on Friday, as sentiment was subdued amid uncertainty around global trade.
Energy stocks .AXEJ rose nearly 1%, in tandem with recovering underlying crude oil prices, after U.S. President Donald Trump warned of sanctions against major oil producer Russia, raising concerns over potential disruptions to the commodity's supply chain. O/R
Oil and gas major Woodside Energy WDS.AX gained 0.9%, while smaller rival Santos STO.AX rose 0.5%.
Benchmark heavyweights financials .AXFJ picked up 0.4, yet to recover from the sell-off that Australian banks witnessed on Friday.
Top lender Commonwealth Bank of Australia CBA.AX traded 0.3% higher, but its smaller rival National Australia Bank NAB.AX fell 0.2%.
Mining stocks .AXMM advanced 0.3%, supported by recovering iron ore prices, while a 1.3% jump in iron giant Rio Tinto RIO.AX more than offset Fortescue's FMG.AX 2.2% drop.
Consumer staples .AXSJ picked up 0.7%, while real estate stocks .AXRE rose 0.4%.
Gold stocks .AXGD gained some 0.4%, as bullion continued to shine while investors flocked to the safe-haven commodity on lower-than-expected monthly job growth in the United States. GOL/
Gold major Northern Star Resources NST.AX gained some 0.4%, which more than offset Evolution Mining's EVN.AX 1% drop.
Technology stocks .AXIJ edged 0.1% higher, in tandem with Wall Street's gains on Friday after Federal Reserve Chair Jerome Powell assured investors on the health of the U.S. economy. .N
The U.S. Dow Jones Industrial Average .DJI rose 0.52% at 42,801.72 on Friday. The S&P 500 .SPX, .SPX gained 31.68 points while Nasdaq .IXIC gained 0.70%.
New Zealand's benchmark S&P/NZX 50 index .NZ50 gained 0.1%, reaching 12,402.83, boosted by a 3.2% rise in local dairy giant Fonterra FCG.NZ, which raised its earnings forecast for the year, driven by strong performance in its consumer operations.
(Reporting by Nichiket Sunil in Bengaluru; Editing by Sherry Jacob-Phillips)
((Nichiket.Sunil@thomsonreuters.com;))
For more information on DIARIES & DATA: U.S. earnings diary RESF/US Wall Street Week Ahead .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets NEWS1
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.