The ASX has broken its downward spiral this week as US data shows a slowing in inflation in February and market watchers weigh the impact of the US tariffs on Australian aluminium and steel.
The S&P/ASX 200 added back 15.2 points, or 0.2%, to climb back to 7,801.4 points, as of 10.30am AEDT. The index has lost 3.62% over the past five days and sits 0.93% lower over the past year.
Nine of the 11 sectors started the session in the green. Utilities rose 0.3%, industrials was up 0.19% and energy inched up 0.09%. Materials, however, slipped 0.38%.
Headline and core consumer price index inflation rose 0.2% month over month in February, which is down from a headline rise of 0.5% and a core rise of 0.4% in January.
Meanwhile, the ANZ says the US 25% tariffs on aluminium and steel imports are likely to have minimal direct impact on Australian goods exports, in aggregate.
Economist Sophia Angala says Australia runs a large goods trade deficit with the US and is unlikely to be directly impacted by US tariffs.
“Aluminium and steel exports to the US made up just 0.2% of Australia’s total goods exports in 2024,” she says.
The lower-than-expected inflation coupled with fears of a broader global trade war had a lifting effect on gold, which rose nearly 20% to around US$2,935 ($4,642) an ounce at 10.30am AEDT.
Canada hit back at US President Donald Trump’s tariffs with a retaliatory 25% levy on around C$30 billion ($33 billion) of US made goods.
Uranium miner Boss Energy (ASX:BOE) advanced 3.92% to $2.26 after announcing it was taking a greater stake in Laramide Resources (ASX:LAM).
Meanwhile, gold miners Vault Minerals (ASX:VAU) and Ramelius Resources (ASX:RMS) were riding the gold price tailwinds with advances of 3.61% and 3.55%, respectively.
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 & Stock
