ASX Inches Higher as Gold Miners, Tech Shine Amid Global Uncertainty

Key Highlights:

• S&P/ASX 200 edges up 0.05% to 8,161.7, buoyed by small caps and gold stocks
• ASX All Ordinaries Gold Index surges 4.24% as bullion tops US$3,340/oz
• Tech and materials sectors lift, while healthcare and financials drag
• Market shows signs of low volatility ahead, despite global trade concerns
   

Australian shares posted modest gains on Monday as strength in gold miners and tech stocks helped offset weakness in the financial and healthcare sectors. The S&P/ASX 200 rose 3.9 points to close at 8,161.7, reflecting cautious optimism across the bourse amid global macroeconomic uncertainty and a rotation into defensive assets.

The broader All Ordinaries gained 0.06% to 8,378.9, while the Small Ordinaries outperformed, up 1.08% to 3,091.6—highlighting renewed risk appetite in small-cap stocks.

The standout performer of the day was the ASX All Ordinaries Gold Index, which soared 4.24% as gold prices climbed over 3% to US$3,343.50/oz. The rally came as investors sought safe-haven assets amid heightened volatility in global equity markets, trade policy shifts, and ongoing geopolitical risks.

Gold, Tech, and Materials Lead the Charge

Gold miners dominated the leaderboard, with Pantoro Gold (+10.04%), Resolute Mining (+9.41%), and Ora Banda Mining (+6.47%) all posting strong gains. Sentiment was buoyed by both rising bullion prices and broader expectations of slower global economic growth—factors that traditionally support precious metals.

NEXTDC (+8.10%) also helped lift the All Technology Index by 0.62%, as investors rotated back into growth names following recent weakness. Information technology finished marginally higher, up 0.01%.

Meanwhile, materials (+0.66%), energy (+0.64%), and discretionary (+0.90%) stocks contributed to broader index stability, with strength in mining and retail segments offering some insulation from offshore volatility.

Financials and Healthcare Weigh on Broader Sentiment

On the downside, heavyweight financials fell 0.42%, with the ASX 200 Banks Index sliding 0.63% as investors priced in softening margins and slower loan growth. Health care fared worse, dropping 1.30%, dragged down by losses in Telix Pharmaceuticals (-3.62%) and Polynovo (-4.74%).

Consumer staples (-0.28%) and industrials (-0.02%) also finished in the red, reflecting a defensive rotation as investors braced for potential macro shocks—particularly from the U.S. and Chinese markets.

Global Backdrop: Trade Risks, Soft Equities

Globally, sentiment remains cautious. U.S. equities ended lower last week, with the S&P 500 down 0.64% and the NASDAQ shedding 0.74%, as traders reacted to renewed concerns about trade restrictions, tariff announcements, and hawkish central bank commentary.

Commodities painted a mixed picture: Brent crude fell 1.52%, while WTI crude dropped 1.82%, highlighting lingering demand concerns. Copper and silver, however, posted modest gains, adding to the bullish outlook for select resource stocks.

Volatility Low, But Eyes Remain on Global Triggers

Despite macro headwinds, the S&P/ASX 200 Volatility Index (VIX) hovered at 12.1, signalling low short-term volatility and relatively strong investor confidence. Analysts warn, however, that complacency may be short-lived if trade tensions escalate or earnings season disappoints.

Top Gainers & Laggards

Top Gainers:

• Canyon Resources (+21.95%)
• Immutep Ltd (+11.48%)
• Pantoro Gold (+10.04%)
• Resolute Mining (+9.41%)
• NEXTDC (+8.10%)
   

Biggest Fallers:

• Energy Resources of Australia (-25.00%)
• SILEX Systems (-9.46%)
• Platinum Asset Management (-5.97%)
• Symal Group (-4.75%)
• Polynovo (-4.74%)