AUS
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CA
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GER
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Highlights
- ASX 200 sees slight recovery but remains below the 8000 mark.
- Energy sector leads gains while biotech and power companies weigh on the index.
- Johns Lyng (ASX:JLG) drops over 14% following ASX 200 exclusion news.
The Australian stock market showed signs of resilience on Monday, managing a modest recovery after hitting a six-month low in the previous session. The S&P/ASX 200 edged up by 0.2%, adding 19.4 points to settle at 7967.6, while the All Ordinaries Index mirrored the gains with a similar 0.2% increase.
Despite the uptick, market sentiment remained cautious as fresh tariff measures loomed over global trade. A 25% levy on steel and aluminium exports to the U.S. is set to take effect this week, with little optimism that diplomatic efforts will yield an exemption. Uncertainty in global markets, particularly following the back-and-forth stance on tariffs by U.S. policymakers, has contributed to ongoing volatility.
Adding to the global headwinds, China’s latest inflation data came in weaker than expected. Consumer prices in February fell 0.7%, falling short of estimates, while core inflation slowed to 0.3%, signaling softer demand in the world’s second-largest economy.
Energy Sector Bounces Back
Energy stocks, which faced significant pressure last week with a 6.3% decline, rebounded strongly. Woodside Energy (ASX:WDS) advanced 1.9%, while coal producers also gained, with Yancoal (ASX:YAL) rising 2.2% and Whitehaven Coal (ASX:WHC) climbing 3.1%.
However, gains in the energy sector were offset by weakness in other areas. CSL (ASX:CSL) dipped 1.4% after going ex-dividend, while power companies were also under pressure. Origin Energy (ASX:ORG) slipped 1.1%, and AGL Energy (ASX:AGL) declined 1.3%.
Johns Lyng (ASX:JLG) Plunges Over 14%
One of the biggest market movers was Johns Lyng Group (ASX:JLG), which tumbled 14.6% after it was announced that the insurance repair company would be removed from the ASX 200 in the upcoming quarterly rebalance. This latest drop means the stock has shed a quarter of its value in the last six months.
Corporate Updates: Takeovers & Partnerships
Casino operator Star Entertainment (ASX:SGR) is exploring a potential rescue deal from U.S.-based Bally’s Corporation after finalizing a takeover agreement with two Hong Kong investors for its Queen’s Wharf development. Trading in its shares remains suspended.
Meanwhile, exploration company Cobre (ASX:CBE) surged 5.1% after inking a deal with BHP (ASX:BHP) that secures up to $40 million in funding for copper exploration in Botswana.
Additionally, Mayur Resources (ASX:MRL) gained 3.7% following the news that Harvey Norman’s founder Gerry Harvey has become a major investor in the Papua New Guinea-focused mining firm.
Bitcoin Weakens Amid Economic Concerns
In the cryptocurrency space, Bitcoin retreated towards $80,000 USD amid heightened risk-averse sentiment. Recent remarks from U.S. policymakers hinting at potential recession risks have added to concerns among digital asset investors.
Macquarie (ASX:MQG) Faces Mild Decline
Macquarie Group (ASX:MQG) closed slightly lower, down 0.2%, after analysts suggested that consensus estimates on earnings from its commodities division may not fully account for major shifts in global gas supply dynamics.
As market volatility remains elevated, all eyes are now on global economic data and trade developments that could shape investor sentiment in the coming weeks.
