The Australian sharemarket rebounded on Monday as traders bought the dip following recent weakness ahead of looming U.S. tariffs.
The S&P/ASX 200 added 73.3 points or 0.9% to close at 8,249.1. All 11 sectors ended in positive territory, with energy stocks leading the gains.
Market sentiment improved after last week’s sell-off triggered by U.S. President Donald Trump’s confirmation of a 10% tariff on Chinese imports, alongside a 25% levy on Canada and Mexico, set to take effect on Tuesday.
Energy stocks surged as oil prices ticked up on expectations that U.S. tariffs on major crude exporters could tighten global supply.
Santos gained 1.8%, Woodside Energy added 1.9%, and Beach Energy surged 2.9%.
Mining stocks rebounded after Friday’s sharp losses, despite iron ore prices 0.8% to $101.60 per tonne ahead of China’s tariff increase.
Rio Tinto added 3.6%, BHP gained 1.4%, and Fortescue Metals lifted 1.2%.
Among individual companies, Star Entertainment shares were suspended from trading after the casino operator failed to lodge financial reports with the ASX.
Pro Medicus jumped 3.2% after securing a $40 million contract with U.S. radiology provider LucidHealth to roll out its diagnostic imaging technology.
On the bond markets, the Australian 10-year yield added 0.5% to 4.334%, while 2-year yield lifted 0.8% to 3.769%.
