Australian shares are poised to rise on Monday as gains in oil prices lift energy stocks, with markets tracking heightened geopolitical tensions after Iran expanded strikes on Gulf states and raised concerns over crude shipments through the Strait of Hormuz.
In the macroeconomy, Australians are turning FIFA World Cup fever into a local spending surge, with new data revealing billions of dollars flowing into pubs, cafes, restaurants, and sporting retailers as fans gather to watch the global tournament, ANZ Research said in a report on Monday.
In corporate news, oOh!media (ASX:OML) said Pacific Equity Partners, I Squared Capital, and Oaktree Capital Management reconfirmed their non-binding indicative offers to acquire the company at a price range of AU$1.60 to AU$1.65 per share.
Regis Resources (ASX:RRL) will not make a new offer to acquire Vault Minerals (ASX:VAU) following a competing proposal by Genesis Minerals (ASX:GMD).
Australia's benchmark index rose 0.5% or 43.5 points to close at 8,806 on July 10.