ASX ends higher as miners rebound; banks and tech stocks slide

The news: The Australian sharemarket ended higher after three consecutive declines, as miners rebounded from a multi-session selloff.

The benchmark ASX 200 index rose 0.16% to 8,379.4, but only four of the 11 sectoral indices ended in the green.

Biggest movers:

• Genesis Minerals (+6.9%) — Led a rebound in mining stocks from multi-session losses following US President Donald Trump’s decision to postpone strikes on Iran’s energy infrastructure. Lithium miners PLS Group (+6.6%), Liontown (+6.5%) and IGO (+5.9%) were next best performing.
• NAB (4.5%) — Slumped as the financial sector retreated 1.3%. Commonwealth Bank (-1.8%) and Westpac (-1.6%) were also lower.

Other news:

• Myer (flat) — Reported a 33% increase in the interim statutory net profit, driven by strong performance by its newly acquired Apparel Brands portfolio and record Black Friday sales during the period.
• KMD Brands (+3.2%) — Rejected a proposal to de-merge Rip Curl into a separate ASX- and NZX-listed company and be bought by US surfwear company Stokehouse Unlimited.
• Downer (+2.3%) — Secured a five-year integrated facilities management contract with Stockland valued at around $500 million.