The Australian sharemarket was holding steady today, with energy stocks helping to offset weakness in technology as escalating tensions in the Middle East pushed crude oil prices higher.

The ASX 200 was up 11 points intraday, recovering despite a broad sell-off on Wall Street on Friday, when stronger-than-expected US jobs data increased expectations of a Federal Reserve rate hike. Higher rates tend to weigh on growth-oriented technology shares, whose valuations are more sensitive to borrowing costs, while a firmer US dollar and rate expectations can also pressure commodity-linked sentiment.

Energy names were among the strongest performers on the local benchmark, as Australia's oil and gas producers typically benefit when global crude prices rise on supply-risk concerns in the Middle East, a major oil-producing region. Woodside and Santos were both higher, while coal producers Whitehaven Coal and New Hope gained 6 per cent and 3.7 per cent respectively.

Technology stocks struggled, with Xero and WiseTech both falling more than 3 per cent, extending the pressure on the high-growth sector that has weighed on the ASX's tech index through the recent global rate repricing.

Ingenia Communities rejects $1.94 billion takeover proposal

Ingenia Communities was the standout performer, surging after its board rejected an unsolicited $1.94 billion takeover proposal from private equity giant Warburg Pincus. Warburg had offered $4.75 per security to acquire the company, but Ingenia's board said the proposal substantially undervalued the business. The rejection sent Ingenia shares sharply higher, with the stock up more than 20 per cent at one point in morning trade. The move highlights continued strong appetite from global private capital for Australian real estate and lifestyle-community assets, and rejections on valuation grounds often signal to the market that a higher offer — or competing interest — may follow, though there is no certainty either will eventuate.

Bubs Australia secures permanent FDA authorisation

Bubs Australia also surged after securing permanent US Food and Drug Administration authorisation for three infant formula products. Shares jumped around 40 per cent in morning trade as investors responded to the long-awaited approval. The authorisation cements Bubs' access to the US market, where it began selling under temporary arrangements during America's 2022 infant formula shortage, and removes a key regulatory overhang for the company's export strategy.

Other notable movers

• Worley rallied 3.5 per cent after BHP awarded it contracts covering proposed copper expansion projects in South Australia, underscoring the pipeline of engineering work tied to global copper demand growth.
• Tamboran Resources rose more than 8 per cent after announcing first gas sales from the Beetaloo Basin, a milestone for the Northern Territory gas province's commercial development.
• Kogan was in focus after the online retailer finalised a new remuneration package for founder Ruslan Kogan. His annual salary has been cut by almost $850,000 to $50,000, an amount Kogan plans to donate to charity. However, the new performance-based structure could deliver him around $50 million if ambitious shareholder return targets are met, aligning his pay more directly with shareholder outcomes.
• Southern Cross Media was lower after Ryan Stokes was appointed chairman with immediate effect.