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Highlights
- ASX dips slightly as global trade uncertainty looms
- (JHX) falls over 13% after announcing merger with AZEK
- (CBA) gains 1.1%, standing out in an otherwise cautious session
The Australian sharemarket began the week on a cautious note, with the S&P/ASX 200 drifting 0.1% lower to 7926 by midday. A subdued mood across global markets, driven by renewed trade tension speculation in the US, and a sharp fall in (ASX:JHX) weighed on sentiment.
James Hardie Industries (ASX:JHX) saw its shares slide 13.2% following its announcement of a merger deal with New York-listed AZEK. The $US8.8 billion ($14 billion) transaction involves a mix of cash and stock, giving AZEK shareholders a 26% stake in the newly combined entity. The merged company will be listed on the New York Stock Exchange, creating a new player in the global building materials space.
Adding to investor unease is the anticipation of the United States’ April 2 trade policy developments. Markets are closely watching for potential tariff announcements, with recent comments from former US President Donald Trump suggesting both escalation and possible flexibility, leaving traders on edge.
Profit-taking was visible across multiple sectors, with several major stocks experiencing declines. Mining giant BHP (ASX:BHP) dropped 1%, while Computershare (ASX:CPU) slipped 1.5%. Infrastructure operator Transurban (ASX:TCL) also moved lower, down 2.9%.
Consumer staples also saw weakness. Supermarket giants Woolworths (ASX:WOW) and Coles (ASX:COL) lost 1.3% and 1.2%, respectively. The moves came after an earlier rally driven by an ACCC report on industry practices, which appears to have prompted short-term profit-taking.
In contrast, Commonwealth Bank (ASX:CBA) stood out with a 1.1% lift, offering a degree of support to the broader market.
Elsewhere, mortgage insurer Helia (ASX:HLI) plunged 25.4% after revealing uncertainty around the continuation of a major contract with (ASX:CBA). Helia stated the agreement may not extend beyond the end of the year, raising concerns about future revenue stability.
Biotech company Opthea (ASX:OPT) remained suspended from trade as it seeks solutions following unsatisfactory clinical trial results for its lead treatment, OPT-302.
Kelsian (ASX:KLS) inched up 0.7% after entering talks with Transport NSW regarding a one-year extension of its Sydney bus services contract.
Synlait Milk (ASX:SM1) tumbled 9.3% despite reporting a return to profit, highlighting market disappointment with underlying performance metrics.
In a separate development, South32 (ASX:S32) came under pressure, declining 2.2% following allegations of intellectual property misuse by a local engineering firm.
As the week unfolds, global trade developments and corporate updates are expected to continue shaping the market's direction.
