The Australian sharemarket finished lower on Monday as investors moved into safe-haven assets after United States President Donald Trump threatened to impose hefty tariffs on several European countries over Greenland.
The S&P/ASX 200 index closed down 29.4 points or 0.3% to 8,874.5, with eight of the 11 sectors ending the session in the red.
Technology stocks led declines weighed on the market as risk sentiment deteriorated. WiseTech Global fell 4.4%, Xero lost 2.6%, and TechnologyOne traded 1.4% lower.
The major banks also dragged on the index, with Commonwealth Bank down 0.7%, National Australia Bank falling 1.1%, ANZ down 0.4%, and Westpac finishing 0.6% lower.
Gold stocks outperformed, however, after a sharp rally in precious metals prices. Northern Star added 3.2%, Newmont lifted 1.4% and Evolution Mining gained 3.1%, while Catalyst Metals surged 7.1% after reporting a new high-grade gold discovery at depth on the Plutonic gold belt in Western Australia.
In corporate news, City Chic Collective rose 3.6% after reporting first-half revenue of $69.2 million, down 0.5% from a year earlier. Growth in Australia and New Zealand was offset by sharply weaker sales in the Americas, which plunged 31.4% as the retailer reduced inventory purchases amid tariff-related volatility.
Mining contractor NRW Holdings slipped 2.7% despite its subsidiary, Golding Contractors, securing a $750 million, 5.5-year mining services contract with TEC Coal for the Stanwell Meandu Mine in Queensland’s Burnett Region.
On the bond markets, yields moved higher, with the 10-year rate up 0.5% at 4.731% and the two-year yield rising 0.3% to 4.041%.
