ASX200 closed Monday’s trading flat on “snoozefest” trading day

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ASX200 closed Monday’s trading flat on “snoozefest” trading day

The *********** sharemarket traded flat on Monday during a quiet day of trading, despite the US President saying he will slow down his tariff plans on the European Union.

The benchmark ASX200 index gained just 0.10 points on Monday, or 0.00 per cent to 8,361, on a day where it traded in a range of just 25 points.

The broader All Ordinaries also had a marginal gain up 2.10 points or 0.02 per cent to 8,588.80.

The *********** dollar soared to a fresh six-month high, along with ******** yuan, on Monday and is now buying 65.20 US cents.

Camera IconThe ASX traded flat on US President Donald Trump’s latest move. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia

Australia’s market traded flat despite Wall Street futures soaring more than 1 per cent on the back of US President Donald Trump agreeing to delay the start of a 50 per cent tariff on the EU from June 1 to July 9.

Despite a strong lead in, the *********** market split between gains and losses with five of the 11 sectors finishing in the green.

The major banks and miners had a mixed day.

CBA eked out a small gain up 0.023 to $173.88, while NAB fell 0.80 per cent to $37.40, ANZ slid 1.41 per cent to $28.66 and Westpac fell 0.29 per cent to $31.25.

Bourse heavyweight BHP traded higher, up 0.57 per cent to $38.57, and Fortescue rose 0.19 per cent to $15.54 despite iron ore futures sliding further on Monday, while Rio Tinto fell 1.33 per cent to $115.21.

IG market analyst Tony Sycamore described Monday’s trading as a “snoozefest” as cautious traders discarded a surge in US futures.

“It was a major snoozefest on the back of the long weekend in the United States and a sort of cautious sentiment on the market,” he said.

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The one bright spot on the ASX was the uranium miners, which extended Friday’s rally on the back of Mr Trump signing an executive order which should kickstart the US nuclear energy industry.

Deep Yellow was the strongest performing share on the ASX 200 soaring 13.7 per cent to $1.42, Boss Energy rose 7.3 per cent to $4.27 and Paladin Energy 8.8 per cent to $6.28.

Mr Sycamore said the rise in the *********** dollar would have a mixed effect on the ASX.

“The exporters do better when the Aussie dollar is cheaper while it’s a good thing for the importers,” he said.

“We’ve got importers such as furniture importers, or even the airlines which have to buy their jet fuel in US dollars, so they are in a sense an importer as well.

“Any company that earns US dollars and then repatriates them in the Aussie dollar it’s not a great thing for those particular markets.”

In company news shares, Origin Energy slumped 4.9 per cent to $1051 after the business announced earnings from its stake in *********** Pacific LNG and Octopus Energy would come in lower than previously expected.

Shares in Elders also tumbled 6.67 per cent to $6.16 despite reporting a 5 per cent increase in sales revenue to $1.41bn and underlying earnings before EBIT came in 67 per cent higher than the prior corresponding ******* at $64.3m.

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