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The ASX200 closed down 0.7% at 8,359 points.
The local bourse was dragged lower by a sell off in energy stocks and banks. This was under the backdrop of Donald Trump saying he will impose tariffs on China, Mexico, and Canada.
Let’s have a look at the sectors. Energy was the worst performing sector, down 3.1%, followed by Financials. Down 1.9% and Materials, down 0.35%.
Staples was the biggest gainer, up 1%, followed by Information Technology and Real Estate, both up around 0.7%.
In the Green
Bluescope Steel (ASX:BSL) closed up 5.5% on news of potentially higher tariffs on U.S. imports. The company has operations in the U.S. and investors responded by bidding up the stock.
Bluescope Steel closed at $22.43.
Plumbing supplier Reece (ASX:REH) closed up 2.2% on the tariff news. As part of its global footprint, the company has operations in the United States.
Reece finished the session at $25.57.
EML Payments (ASX:EML) closed up 29.2% on release of a trading update at its AGM. Q1 FY25 saw a 7% increase in gross debit volume (GDV) to $5.85 billion, a 12% lift in revenue to $48.8 million, and a 46% jump in quarterly underlying EBITDA to $11.6 million.
EML Payments closed at 88.5 cents.
In the Red
Sayona Mining (ASX:SYA) closed down 8.57% despite there being no news out of the lithium miner. But the company raised $40 million of capital last week at 3.2 cents per share. The company made the move ahead of its proposed merger with Piedmont Lithium (ASX: PLL).
Sayona Mining closed at 3.2 cents.
Commonwealth Bank (ASX:CBA) closed down 3.55% as tariff talk prompted investors to take some profits. Australia’s biggest company has been trading at record highs in recent weeks and despite today’s losses is still trading at P/E ratio of 27.6.
Commonwealth Bank closed at $154.46.
Santos (ASX:STO) closed down 4.23% following a 3.1% dive in the Brent Crude oil price due to reports Israel and Hezbollah may be close to reaching a ceasefire agreement. Brent Crude has fallen to US$73.25 per barrel.
Santos closed at $6.57.
