The Australian Securities Exchange (ASX) experienced a calmer day of trade with no major surprises emerging from the Trump administration.
The S&P/ASX200 ended the session up 13.1 points, or 0.17%, at 7,761.7 points. Over the last five days the index has gained 3.35%, but is down 4.87% for the last year to date.
More sectors were in the red than not, with health care the day’s top performer on a 1.34% climb.
The financial sector rose 0.48% and materials edged up 0.42%, while energy slipped 0.24%.
While the uncertainty surrounding the US tariffs has forced many out of riskier assets like equities, global investment firm BlackRock is buying back into US equities.
The move follows the S&P 500 registering one of its largest daily jumps last week, adding back nearly 6%.
According to BlackRock, which is the world’s largest asset manager with US$11.5 trillion in assets under management in 2024, US equities are supported by the artificial intelligence theme, resilient corporate earnings and a solid economy so far.
“The broad-based equity selloff has created opportunities to tap into certain sectors, and selectivity is key,” BlackRock says.
On the S&P/ASX200, Iluka Resources (ASX:ILU) held onto its early gains to end the day up 5.23% at $3.62. Gold producer Evolution Mining (ASX:EVN) jumped 3.92% to $8.21 after announcing record operating cash flow of $600 million for the March quarter.
Evolution has also green-lit the planned extension to the Cowal operation through to 2042.
Lynas Rare Earths (ASX:LYC) lifted 3.08% at $8.02 and Nickel Industries (ASX:NIC) advanced 3.03% to $0.51.
At the smaller end of the market, gold explorer Miramar Resources (ASX:M2R) rallied 50% to $0.003, battery materials explorer Sunrise Energy Metals (ASX:SRL) climbed 43.43% to $0.71 and critical minerals explorer Enova Mining rose 40% to $0.007 by the closing bell.
Gold and base metals explorer Dalaroo Metals (ASX:DAL) lifted 33.33% to $0.02 on news it was preparing to undertake maiden fieldwork at its Blue Lagoon Zirconium, Niobium and Rare Earth project in Greenland.
The company notes that the US administration continues to show considerable interest in Greenland, highlighting the importance of the country for critical metals and their ownership.
Southern Hemisphere Mining (ASX:SUH) also added 33.33% to close at $0.028 on news a magneto-telluric survey has further reinforced the Curiosity target’s potential to host a “significant copper-gold porphyry deposit” in Chile.
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
