The Australian sharemarket ended a choppy session slightly higher on Monday, with strength in financial and consumer discretionary stocks offsetting losses in other sectors.
The S&P/ASX 200 index finished up 5.7 points or 0.1% at 7,936.90, with only three of the 11 sectors closing in positive territory.
Consumer discretionary stocks led gains, with Aristocrat Leisure rising 1.8%, Wesfarmers up 1.7%, and JB Hi-Fi adding 0.4%.
Financials also advanced, climbing 1.1% as National Australia Bank gained 2.2%, Westpac rose 1.7%, and Commonwealth Bank added 1.4%. Investment bank Macquarie Group, however, slipped 0.4%.
Investor caution persisted ahead of the U.S. government’s planned tariffs on trade partners, set to take effect on April 2.
Major miners were down 0.8% overall, with BHP falling 0.6%, while Rio Tinto gained 0.4%.
Fortescue climbed 3.2% after UBS upgraded the stock from a “sell” to a “neutral” rating, citing a less pessimistic outlook for iron ore prices and discounts on lower-grade ore.
Mineral Resources surged 6.9% after reopening its Onslow Iron haul road, which had been temporarily closed following multiple truck crashes.
Meanwhile, James Hardie Industries fell sharply, dropping 14.5% after announcing an US$8.74 billion merger with NYSE-listed AZEK.
Synlait Milk also tumbled 12% after the dairy group warned of slower financial progress in 2H FY25.
On the bond markets, yields moved higher, with the 10-year yield rising 0.3% to 4.406% and the 2-year yield increasing 0.5% to 3.736%.
