The S&P/ASX200 closed higher on Monday, posting modest gains as investors remain cautious ahead of the implementation of 25% tariffs on steel and aluminium exports to the United States, set to take effect on Wednesday.
the S&P/ASX 200 index lifted 14.1 points or 0.2%, to finish at 7,962.3. Seven of the 11 sectors in the index ended in positive territory, with energy and materials leading the way.
Beach Energy, Santos, and Woodside Energy added 4.1%, 1.3%, and 1.9% respectively.
Meanwhile, Major mining firms Rio Tinto and BHP also contributed to the positive momentum, gaining 3.1% and 0.6% respectively, while Fortescue Metals dipped 0.4%.
In corporate news, Star Entertainment is reportedly considering a rescue proposal from U.S.-based casino giant Bally’s. This follows the company’s agreement with two Hong Kong investors regarding the Queen’s Wharf project, signed on Friday.
Star Entertainment shares remain suspended from trading.
Among data releases, China’s inflation data for February came in weaker than expected over the weekend. Consumer prices declined by 0.7% year-over-year, missing forecasts, while core inflation also slipped to 0.3%.
On the bond markets, the yield on Australia’s 10-year government bond stood at 4.442%, while the 2-year yield was at 3.815%.
