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Highlights
The ASX300 kicked off the week on a cautious note, with Australian shares wavering between small gains and losses despite positive signals from global markets. The S&P/ASX 200 Index hovered near flat, up only 0.6 points or less than 0.1% by early afternoon, as six of eleven sectors moved into the green. Tech led the day, while utilities and select consumer stocks faced pressure.
Market sentiment was swayed by news from the US, where President Donald Trump announced a delay on a proposed 50% tariff hike on European Union imports, pushing the deadline to July 9. The decision helped Nasdaq futures rise over 1%, offering a slight boost to investor confidence after last week's volatile session.
In currency markets, the US dollar weakened to its lowest point since 2023, lending strength to the Australian dollar and Chinese yuan. This movement came as gold prices eased slightly following a strong rally. Analysts, however, remain optimistic, with Citi lifting its gold price target to US$3500, reflecting ongoing uncertainty tied to trade and inflation.
Among the ASX’s most active stocks, uranium producers stood out. The sector extended its Friday gains after Trump signed an executive order aimed at revitalising the US nuclear energy industry. Deep Yellow (ASX:DYL) surged 17.3%, Boss Energy (ASX:BOE) climbed 9.3%, and Paladin Energy (ASX:PDN) added 14.2%, supported by investor optimism for long-term demand growth.
Tech heavyweight WiseTech Global (ASX:WTC) advanced more than 5% after revealing its biggest acquisition to date—US-based e2open—for $3.25 billion. This strategic move was well received, reinforcing confidence in growth from ASX-listed tech companies.
Meanwhile, utilities struggled, with Origin Energy (ASX:ORG) falling 4% after forecasting weaker earnings from Australia Pacific LNG and Octopus Energy, disappointing market expectations. In the agricultural sector, Elders (ASX:ELD) declined 6.8% despite posting a more than twofold increase in half-year profit, weighed down by cautious investor reaction to the outlook.
On the gold front, Genesis Minerals (ASX:GMD) gained 3.7% after announcing the acquisition of the Laverton Gold Project in Western Australia from Focus Minerals (ASX:FML), which soared 86.7% in response to the deal.
Accent Group (ASX:AX1) slipped 1.5% following the announcement of chairman David Gordon’s retirement after 18 years of service.
As investors weigh global risks and local opportunities, ASX dividend stocks continue to draw attention, especially among those eyeing consistent income amid market uncertainty. For broader insights, the ASX300 remains a key benchmark reflecting the health of the Australian equity market.
