AUS
NZ
UK
CA
USA
IND
Highlights
- Australian market remains near six-month lows amid global tariff concerns.
- Energy sector rebounds, while Johns Lyng (ASX:JLG) faces index exclusion.
- Star Entertainment (ASX:SGR) weighs new takeover bid from Bally’s.
Australian shares steadied on Monday after a turbulent week, with the S&P/ASX 200 Index edging up 0.2% to 7,965.4 points at midday. Despite the slight recovery, the index remained below the 8,000 mark, which it breached last Friday for the first time in six months. Meanwhile, the All Ordinaries Index also gained 0.2% as most sectors showed resilience.
Market Sentiment and Tariff Uncertainty
Investors are navigating a volatile environment following a series of tariff announcements that disrupted global equity markets. A 25% tariff on steel and aluminum exports to the U.S. is set to take effect on Wednesday, adding to concerns that Australian exporters may not secure an exemption. Wall Street also experienced fluctuations, with the Nasdaq Composite rebounding 0.7% on Friday after briefly entering correction territory.
Energy Sector Leads the Recovery
Following a 6.3% decline last week, Australian energy stocks bounced back. Oil prices climbed above $70 per barrel, helping key players in the sector recover. Woodside Energy (ASX:WDS) saw a 2.2% gain, while coal miners also advanced—Yancoal (ASX:YAL) up 2.4% and Whitehaven Coal (ASX:WHC) up 3.1%.
Tech Sector Reflects U.S. Market Moves
Technology stocks on the ASX mirrored the modest rebound seen in the U.S. market. WiseTech Global (ASX:WTC) rose 0.5%, while Xero (ASX:XRO) gained 0.9%. However, gains in the tech sector were offset by a decline in CSL (ASX:CSL), which dropped 1.4% after going ex-dividend.
Corporate Developments and Stock Movements
One of the biggest market movers was Johns Lyng Group (ASX:JLG), which plunged 8.8% after confirmation that the company would be removed from the ASX 200 Index in the upcoming quarterly rebalancing. Over the past six months, the stock has lost nearly 25% of its value.
Meanwhile, Star Entertainment (ASX:SGR) remains in the spotlight as it considers a new takeover proposal from U.S. casino giant Bally’s. The company had already entered an agreement with two Hong Kong investors for the Queen’s Wharf project, and its shares remain suspended.
Cobre (ASX:CBE) rose 1.7% following news of an earn-in agreement with BHP (ASX:BHP). Under the deal, BHP will provide up to $40 million to support exploration efforts in Botswana.
Another notable gainer was Mayur Resources (ASX:MRL), which surged 3.7% after Harvey Norman’s (ASX:HVN) chairman, Gerry Harvey, became a major investor in the Papua New Guinea-focused mining company.
Cryptocurrency Market Fluctuations
Bitcoin also faced a sharp decline, dipping towards $80,000 after concerns surrounding a potential economic downturn in the U.S. triggered risk-off sentiment among investors.
Outlook
With tariff-related uncertainties persisting, market volatility is expected to continue. Investors are closely monitoring upcoming developments, particularly in the resources and energy sectors, which have seen sharp movements in recent sessions.
