The Australian Securities Exchange (ASX) remains on a downwards trajectory as escalating trade war fears persist and Australians prepare to head to the polls.
The S&P/ASX 200 fell a further 25.5 points, or 0.32%, to 7,943.5 points as of 10.30am AEDT to start the final trading session of the week.
The index remains virtually unchanged over the past week but is down 2.64% since the start of the year.
All 11 sectors started the session in the red. Materials was down 0.1%, energy slipped 0.09% and utilities edged down 0.06%
Australian Prime Minister Anthony Albanese this morning (28 March) called a federal election for 3 May.
Meanwhile, investors remain cautious as the US prepares to roll out tariffs next week, which has driven gold to yet another record.
The safe haven metal hit US$3,060 an ounce overnight. This is the 17th record high gold has notched so far this year.
ANZ says US President Donald Trump’s move this week to place a permanent 25% tariff on all cars not made in the US is likely to increase trade tensions as impacted countries look to apply their own retaliatory measures.
This saw the gold producers dominate the top movers. Ramelius Resources (ASX:RMS) climbed 4.76% to $2.42 in early trade, Spartan Resources (ASX:SPR) advanced 3.97% to $1.90, De Grey Mining (ASX:DEG) rose 3.61% to $2.16, Vault Minerals (ASX:VAU) added 3.37% to trade at $0.46 and Northern Star Resources (ASX:NST) jumped 2.9% to $18.46.
In mid-March, news emerged Ramelius had launched a cash and scrip takeover bid for Spartan. De Grey is also the subject of a $5 billion all-scrip takeover being progressed by Northern Star.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & iStock
