ASX ends flat as Trump swerves on EU tariffs
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The news: Australian shares ended flat after US President Trump's EU tariffs threat dragged at market open before paring losses after he announced a delay following a conversation with European Commission President Ursula von der Leyen.
The benchmark ASX 200 added just a tenth of a point to close at 8,361, with six of 11 sectors finishing in the green.
The Australian dollar hit a six-month high of 65.36 US cents on the back of Trump's initial plan for EU tariffs but fell back slightly later in the day.
Biggest movers:
- Uranium Miners – The ASX 200’s biggest gainers on Friday took the crown again on Monday after Trump formally signed four executive orders to boost the nuclear energy industry. Deep Yellow (+13.65%) was the biggest winner, followed by Paladin Energy (+8.84%) and Boss Energy (+7.3%).
- Tech sector (+1.1%) – WiseTech (+4.7%) led gains in the top performing sector after announcing plans to acquire US-based e2open for $3.3 billion. Life360 (+1.8%) also posted jumped.
- Elders (-6.7%) – The agribusiness was the worst performer on the ASX despite posting a 190% jump in statutory profit after tax.
- Gold miners – Evolution Mining (+3.4%), Bellevue Gold (+3.3%), and Northern Star Resources (+3%) were among the biggest winners, trading on higher haven-demand in the wake of Trump's EU tariff threats.
Deals updates:
- Genesis Minerals (+2.1%) – The gold miner will buy the Laverton gold project in Western Australia from small-cap Focus Minerals (+82.61%) for $250 million, consolidating its holdings in the area.
- Westgold Resources (+3.2%) – Speculation that the gold miner would acquire small-cap New Murchison Gold (+7.1%) has been invalidated, with both parties stating a takeover offer has not been made.
Other news:
- EVT (+2.1%) - Analysts at Morgan Stanley raised their price target from $15 to $19, describing the company as "underappreciated and undervalued".
- Nufarm (+1.2%) – Shares in the agricultural chemicals supplier recovered some of last week's heavy losses, which followed the reporting of a 39.5% drop in half-year statutory profit.
- Accent (-1.6%) – The retail and distribution business announced its chair David Gordon will retire in November and be replaced by fellow director Lawrence Myers.
- Origin (-4.9%) – The energy giant flagged that its UK renewable energy business Octopus Energy will report a full-year loss.
What’s ahead:
- Overnight, European Central Bank president Christine Lagarde will speak about Europe’s role in a fragmented world at the governance and public policy-focused Hertie School in Berlin.
- Testing and verification services business ALS will report its full-year earnings result tomorrow.
- Neuren Pharmaceuticals will hold its annual general meeting tomorrow.
