The Australian sharemarket experienced a mixed start to the week, with gains in gold mining stocks offset by declines in other sectors. The S&P/ASX 200 Index initially rose before falling 8.3 points, or 0.1 per cent, to 9073.10 at 10.32am AEDT, with most sectors experiencing downturns.
Market sentiment was influenced by US President Donald Trump’s announcement of new tariffs and rising metal prices. Trump stated he would impose the maximum allowable temporary tariff on imports from all countries after the Supreme Court struck down his previous tariff program. Materials stocks led the gains as gold rallied to around $US5136 an ounce amid stronger demand for haven assets, while the Australian dollar extended its fifth consecutive weekly rise to just below US71c. Newmont rose 2.3 per cent, Evolution Mining 1.5 per cent, and Ramelius Resources by 3.2 per cent.
In company news, plumbing parts group Reece rallied 10.4 per cent after its first-half EBIT of $262 million beat consensus by around 5 per cent, driven by better-than-expected cost management in Australia. Regis Healthcare jumped 6.7 per cent as revenue from services increased 18 per cent to $667.7 million. Nuix, a company that provides investigative analytics and intelligence software, rocketed 19.5 per cent as it swung to a net profit of $11.1 million for the half ended December 31. Kogan.com, an Australian online retailer, added 9.4 per cent as it increased its interim dividend by 14.3 per cent to 8¢.
Conversely, Ampol fell 2.3 per cent on a 33 per cent drop in net profit for the full year, although earnings were higher before considering the value of oil prices on stockpiles. Austal, a global shipbuilder and defence prime contractor, dropped 6.2 per cent despite lifting its first half profit by 21.4 per cent to $30.5 million.
