Australian shares rose on Monday, shaking off Friday’s losses, even as looming tariffs

Dip buyers on Monday flocked to the bourse’s most sold stocks. US President Donald Trump’s announcement of an additional 10 per cent tariff on China had sparked a broad sell-off on Friday

The sharemarket shook off Friday’s losses to rise on Monday, even as looming tariffs keep investors braced for volatility.

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Dip buyers on Monday flocked to the bourse’s most sold stocks. US President Donald Trump’s announcement of an additional 10 per cent tariff on China had sparked a broad sell-off on Friday, as traders feared that less demand for Chinese goods could, in turn, hurt demand for Australian exports to China. The US is set to impose the levy alongside a 25 per cent tariff on Canada and Mexico on Tuesday.

Miners were in the green after booking heavy losses on Friday. Rio Tinto rose 1.8 per cent and Newmont 3 per cent. Goodman Group boosted real estate stocks, with the infrastructure giant rising 2.2 per cent. Technology stocks were also in the green, having shed 11.3 per cent in the past week.

Consumer staples, utilities and financials – sectors typically seen as defensive – were lower. Commonwealth Bank slipped 0.6 per cent.

Elsewhere, bitcoin held above $US94,000 after US President Donald Trump said plans to build a “crypto strategic reserve” had picked up speed.

Stocks on the move

In corporate news, Star Entertainment shares have been suspended from trading after the casino operator failed to lodge accounts to the ASX.

NRW Holdings shares slumped 12.9 per cent on Monday after the group attempted to reassure investors it would recoup the $113.3 million owed from the collapse of Whyalla steelworks.

Berry Group shareholders have overwhelmingly approved a $13 billion merger with ASX-listed Amcor after the former’s negotiations with another interested party broke down. Amcor lifted 1.2 per cent.

Pro Medicus lifted 4.9 per cent after it signed a $40 million contract with US radiology provider LucidHealth that will see the company’s diagnostic imaging tool rolled out across LucidHealth’s network.

Synlait Milk rose 5.2 per cent after it appointed a new CEO, Richard Wyeth, to replace outgoing chief executive Grant Watson, who left in October after two years with the company.

And Domino’s Pizza slipped 3.9 per cent after the company went ex-dividend.