AUS
NZ
UK
CA
USA
IND
Highlights
- ASX recovers from previous losses, led by strength in real estate and mining stocks.
- NRW Holdings (ASX:NWH) drops amid concerns over outstanding payments from Whyalla Steelworks.
- Pro Medicus (ASX:PME) secures a $40 million contract, boosting investor confidence.
The Australian stock market made a strong comeback on Monday, reversing some of the losses from the previous session. Despite ongoing global trade uncertainties, the S&P/ASX 200 gained 0.2%, rising 16.7 points to 8189.10 by midday. The All Ordinaries index also advanced 0.4%, with real estate stocks leading the charge.
The positive momentum was fueled by investors showing interest in stocks that had recently seen sharp declines. This came after the market reacted to the announcement from US President Donald Trump, who revealed an additional 10% tariff on Chinese imports, set to take effect alongside a 25% tariff on Canadian and Mexican goods starting Tuesday.
Mining and Real Estate Stocks Lead the Gains
Mining stocks rebounded after enduring heavy losses at the end of last week. Rio Tinto (ASX:RIO) advanced 1.8%, while Newmont (ASX:NEM) climbed 3%, reflecting renewed confidence in the sector.
Real estate stocks also saw strong demand, with Goodman Group (ASX:GMG) leading the pack with a 2.2% increase. Meanwhile, the technology sector, which had suffered an 11.3% decline over the past week, showed signs of recovery.
Defensive Sectors Struggle
Not all sectors shared the positive sentiment. Consumer staples, utilities, and financial stocks, traditionally seen as defensive options, faced some declines. Commonwealth Bank (ASX:CBA) slipped 0.6%, mirroring a broader weakness in the banking sector.
In the cryptocurrency space, Bitcoin held firm above $94,000 USD, after Trump indicated that plans to establish a “crypto strategic reserve” were gaining momentum.
Notable Stock Movements
- NRW Holdings (ASX:NWH) dropped 12.9% after addressing concerns over a $113.3 million debt related to the Whyalla Steelworks collapse. Despite efforts to reassure investors, uncertainty weighed on sentiment.
- Star Entertainment (ASX:SGR) saw its shares suspended after the casino operator failed to submit its accounts to the ASX on time.
- Amcor (ASX:AMC) gained 1.2% as its merger with Berry Group was overwhelmingly approved, bringing the total deal value to $13 billion.
- Pro Medicus (ASX:PME) surged 4.9% following a $40 million contract with US radiology provider LucidHealth, expanding the company’s footprint in the US healthcare market.
- Synlait Milk (ASX:SM1) advanced 5.2% after appointing Richard Wyeth as its new CEO, filling the role left vacant since October.
- Domino’s Pizza (ASX:DMP) slipped 3.9% as the stock traded ex-dividend, leading to a temporary decline in its share price.
The ASX’s rebound signals resilience despite global market volatility. While some stocks faced challenges, sectors such as mining, real estate, and healthcare provided a strong foundation for market recovery.
