Australian shares edged lower on Monday as losses in financials and consumer stocks offset gains in commodities stocks, while Vault Minerals surged to a near four-month peak after a $5.6 billion takeover approach from Genesis Minerals.

The S&P/ASX 200 index ASX:XJO fell 0.2% to 8,826, as of 0008 GMT, after the benchmark posted its strongest daily gain in more than three weeks on Friday.

Some shipping has resumed through the Strait of Hormuz under the initial U.S.-Iran agreement, but uncertainty remains after last month's exchange of strikes following Iran's attack on a cargo vessel.

In Sydney, heavyweight financials ASX:XFJ fell 0.6%, with the "Big Four" banks down between 0.3% and 0.8%.

Consumer staples (.AXSJ) lost 0.9%, with supermarket giants Woolworths ASX:WOW and Coles ASX:COL leading declines, falling 1.1% and 1.3%, respectively. The sector has eased 1.6% so far this month after rallying about 13% in June.

The subindex's relative strength index has retreated from recent highs, but remains near the 70-level, which is typically associated with overbought conditions.

Limiting losses, gold stocks ASX:XGD rose 0.4% and were on track for a third straight session of gains, tracking bullion prices higher.

Vault Minerals ASX:VAU surged as much as 12.9% to near four-month highs after Genesis Minerals ASX:GMD unveiled a A$5.6 billion ($3.88 billion) takeover bid, surpassing Regis Resources' ASX:RRL proposal made in May.

Vault was the top performer on both the benchmark index and the gold sub-index.

Miners ASX:XMM gained 0.4%, tracking advances in copper prices on Friday. BHP ASX:BHP, Rio Tinto ASX:RIO and Fortescue ASX:FMG rose between 0.2% and 2.1%.

Energy stocks ASX:XEJ added 0.5%, led by Woodside ASX:WDS and Santos ASX:STO, which each gained 0.6% after Morgan Stanley upgraded both companies.

In New Zealand, the benchmark S&P/NZX 50 index NZX:NZ50G rose 0.6% to 13,698.66.

Investors are now focused on the Reserve Bank of New Zealand's policy decision later this week, with markets pricing in near 80% probability of a rate increase from the current 2.25% cash rate.

($1 = 1.4424 Australian dollars)