The Australian sharemarket declined on Monday, with the S&P/ASX 200 Index dropping 47.80 points, or 0.5 per cent, to 9033.60. Investor sentiment was dampened by uncertainty surrounding US trade policies after the Supreme Court limited President Donald Trump’s tariff powers. Eight out of the eleven sectors experienced losses, reflecting broad market apprehension.
Materials stocks were a notable exception, buoyed by a rise in spot gold prices, which climbed 1.3 per cent to $US5172.21. Newmont rose 4.3 per cent, Evolution Mining gained 2.6 per cent, and Ramelius Resources surged by 7 per cent. BHP, a heavyweight in the sector, reached a new high of $54.75 before trading up by 1.5 per cent. Conversely, the technology sector was the weakest performer amid renewed concerns about the impact of artificial intelligence. WiseTech Global, a software company providing solutions for the logistics industry, fell 5.7 per cent. NextDC, a data centre operator, declined 5 per cent, and TechnologyOne decreased by 5.2 per cent.
The financial sector also contributed to the market’s losses, with the big four banks mostly in the red. ANZ led the declines with a 1.9 per cent drop, while Westpac fell 0.8 per cent and Commonwealth Bank by 0.5 per cent. National Australia Bank was the exception, remaining flat. Elsewhere, plumbing parts group Reece rallied 13 per cent after its first-half EBIT of $262 million exceeded consensus estimates, driven by effective cost management in Australia. Diversified mining services group Perenti tumbled 13.3 per cent after delivering a softer-than-expected first half.
Other significant movements included Regis Healthcare, which jumped 8.1 per cent following strong revenue and EBITDA performance in its first-half results. Nuix, a technology company specialising in investigative analytics and intelligence software, rocketed 12.1 per cent as its December results surpassed expectations, swinging to a net profit of $11.1 million. Kogan.com added 6.5 per cent following beats across key metrics, with EBITDA up 23 per cent and adjusted net profit 28 per cent ahead of consensus. Lendlease, however, fell 6.8 per cent after swinging to an operating net loss of $200 million.
