Stock market next week: D-Street closed for 2 days; Tariff war, Q4 results among key factors to watchhttps://t.co/OqR19r4ak0
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The Australian stock market rallied strongly on Monday, with the S&P/ASX 200 climbing 102.1 points, or 1.3 percent, to close at 7748.6 points. The All Ordinaries index also rose 1.4 percent. The rally was driven by gains in banks and miners, as tariff exemptions for the technology industry spurred optimism for a further scaling back of US President Donald Trump’s trade agenda.
Ten of the ASX 200’s 11 sectors were higher, with technology posting the largest gains.
Aussie shares lifted on Monday following the temporary tariff exemptions in the US on tech sector. The #ASX200 added 102pts or 1.3% to 7,749. Ten of 11 sectors rose. Tech added most while banks and miners supported the index gains. Consumer staples fell as supermarket lost ground
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Iron ore stocks tracked a rise in the price of the steelmaking ingredient, buoyed by hopes for a China-US trade deal. BHP jumped 2.7 percent to $36.37, and Mineral Resources rose 8.2 percent to $18.04.
Here are the most traded stocks by CommSec clients last week. Miner, $BHP Group retains the top spot.#ASX #ASX200 pic.twitter.com/znaEDJXpFz
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Australia’s big four banks all rose more than 1 percent, led by Commonwealth Bank, which finished up 1.7 percent to $157.29, and National Australia Bank, up 1.6 percent to $30.51. Equities and US futures rose after the Trump administration published a list of electronics goods that would be excluded from import taxes, including computer hardware and smartphones. However, the White House later said the exclusion was temporary until it introduces a new tariff specific to semiconductors.
IG analyst Tony Sycamore expected Monday’s market bounce to be short-lived, warning investors could have an outsized reaction to economic data or company earnings results that reveal the damage caused by tariffs.
Tariff relief boosts ASX and stocks
“A lot of the selling was flushed out of the market last week and in the absence of bad news, we have short-term relief,” he said.
“But are the ASX 200 and the Nasdaq now going to retest their highs from February this year? I just can’t see it.”
A cautious rally in ASX 200 technology stocks gathered steam on Monday. Afterpay jumped 3.1 percent to $86.74, and TechnologyOne rose 2.8 percent to $28.50.
Real estate stocks were buoyed by data centre plays, with Goodman Group up 2.4 percent to $28.12 and Vicinity Centres up 2.3 percent to $2.26. Gold miners continued Friday’s rally after the price for the precious metal set a record. Newcrest Mining jumped 4.5 percent to $87.04.
In corporate news, Neuren Pharmaceuticals posted the index’s biggest gain, rallying 21.11 percent to $11.13 after the US Food and Drug Administration signed off on the outcomes of a key drug trial, paving the way for final approval later this year. DroneShield shares leapt 16.3 percent to $1.04 after the business secured five repeat contracts worth $32.2 million from a “close military ally of Australia in the Asia-Pacific region”. All Ordinaries stock Australian Strategic Materials added more than a fifth of its value on Monday, soaring 21.8 percent to 47.5¢ after China suspended exports on a wide range of critical rare earth metals in a move investors see as potentially boosting demand for producers without operations in China.
