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Highlights
- ASX 200 closes slightly higher in cautious trade
- Banking sector lifts while tech and retail stocks lag
- Mineral Resources surges nearly 7% on key haul road reopening
The Australian sharemarket ended modestly higher on Monday, with gains in the financial sector offsetting losses across consumer and infrastructure stocks. The S&P/ASX 200 Index edged up 0.1% to close at 7936.9, while the broader All Ordinaries finished slightly down by 0.8 points. Investors showed signs of caution as global uncertainty loomed around upcoming trade tariffs from the United States.
Market sentiment wavered throughout the session, with attention turning to possible reciprocal and sector-specific tariffs set to be announced on April 2 by the US. While officials hinted at targeted measures, the lack of clarity left investors treading carefully amid fears of potential ripple effects on global consumption, inflation, and business confidence.
Despite the muted overall performance, the major banks stood out with solid gains. National Australia Bank (ASX:NAB) rose 2.2% to $33.91, bolstered by recent softer-than-expected domestic employment figures. Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC) also saw gains of more than 1%, contributing positively to the index.
Resource stocks delivered a mixed performance, even as iron ore prices rose 1.7% to $US101.60 per tonne. BHP Group (ASX:BHP) slipped 0.6% to $39.32, while Fortescue Metals Group (ASX:FMG) climbed 3.2% to $16.30, helped by the commodity’s rebound. The standout was Mineral Resources (ASX:MIN), which jumped 6.9% to $24.33 after authorities deemed it safe to reopen the company's crucial Onslow Iron haul road — a key development for its logistics operations.
Meanwhile, profit-taking weighed on several large-cap names. Computershare (ASX:CPU) declined 2.5% to $39.64, Transurban Group (ASX:TCL) fell 2.7% to $12.94, Woolworths Group (ASX:WOW) lost 1.7% to $29.43, and Coles Group (ASX:COL) retreated 2.1% to $19.06.
Among the session’s notable laggards was James Hardie Industries (ASX:JHX), which tumbled 14.5% to $40 following news of a $14 billion merger with NYSE-listed AZEK. The deal will see AZEK shareholders receive about 26% of the combined entity.
In corporate news, Helia Group (ASX:HLI) plunged 25.6% to $3.61 after revealing its mortgage insurance contract with Commonwealth Bank (ASX:CBA) may not extend beyond year-end. Synlait Milk (ASX:SM1) fell 12.1% to 81¢ despite reporting a swing to profit, while South32 (ASX:S32) eased 1.2% to $3.49 following a stock rating downgrade due to commodity risk concerns.
The index recorded a modest gain, underlying sector movements and corporate developments highlighted a market grappling with both global uncertainty and local company-specific catalysts.
