Australian shares tacked lower today, falling 36.20 points or 0.44% to 8,258.90, despite crossing above their 20-day moving average.
The worst-performing stocks were Champion Iron Ltd and Iluka Resources Ltd, down 10.88% and 6.95% respectively.
Over the last five days, the index has gained 1.73% and is currently 1.50% off its 52-week high.
Information Technology, up 1.43%, and Real Estate, up 1.20%, led the pack this afternoon, in what was otherwise a slower day.
Dragging the bourse was Materials, the biggest loser, dropping 2.76%, while Consumer Staples took a 1.78% hit.
Small cap movers
Polymetals Resources Ltd (ASX:POL) continued its recent climb with shares hitting a new record of $0.91, an increase of 12.35% on Friday's close.
Other increases among the small caps came for Nexus Minerals Ltd (ASX:NXM), which was up as much as 27.8% to $0.069, Altech Batteries Ltd (ASX:ATC, OTC:ALTHF) was 20% higher to $0.078, Tryptamine Therapeutics Ltd (ASX:TYP, OTC:TYPTF) increased 17.08% to $0.048 and Globe Metals and Mining was up 13.51% to $0.042.
Jindalee Lithium Ltd (ASX:JLL, OTCQX:JNDAF) rose by 13.21% to $0.30, European Lithium Ltd (ASX:ASX:EUR, OTCQB:EULIF) reached $0.026, an increase of 8.33% on the last close, Orthocell Ltd (ASX:OCC, OTC:ORHHF) lifted by 7.82% to $0.69, Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF) increased 5.56% to $0.57 and Far East Gold Ltd (ASX:FEG, OTC:FEGDF) was up by 5.41% to $0.195.
What will second Trump term mean?
Speculation about what the second Trump term means for the markets flooded the zone today, as analysts continued to try to read the tea leaves.
“The bull market is on a tear with markets appearing to gain fresh legs for another run,” moomoo Australia’s Jessica Amir said.
“US stocks closed off their best week of the year on bets Trump will bolster US businesses, reduce taxes and regulation.
“And it’s at a time when US consumer sentiment rose to its highest in seven months with Americans optimistic about personal incomes strengthening.
“The S&P 500 rose 4.7% last week, closing at its 50th record high. The Dow Jones topped 44,000 for the first time after welcoming Nvidia to the top 30 index, with its US$3.6 trillion valuation (meaning it's twice as large as Australia’s entire sharemarket).
“The risk-on sentiment flowed into other markets. Bitcoin smashed US$80,000 for the first time as traders bet Trump will promote wide-scale Bitcoin adoption.
“The US dollar rose to four-month high territory, pushing down commodity prices, with aluminium, gold, iron ore, copper, silver, oil, coffee and sugar all falling more than 2% in sync.
“Today, the Australian share market is expected to have a negative day of trade and fall 0.35% to 8281 if you go by the futures.
“Australia’s market is vulnerable for a bumpy course ahead: expect a bout of profit-taking and de-risking for a couple key reasons.
“Firstly, traders will be questioning the strength of the US dollar, and how long it could remain elevated in anticipation of tariffs and Trump’s policies being announced.
“The higher USD is putting a great deal of pressure on commodity prices and stocks. And it’s at a time when traders are disappointed with China’s latest economic stimulus packages.
“So you could expect Aussies to rotate out of positions in Australia’s sharemarket and back momentum and top up positions in US stocks. Speaking of, US stocks are now up 72% in their two-year-old bull market.
“And the thinking is, that if history repeats, markets could run up 100% from here for the next two years. However, Trump’s administration and policies could up that ante.”
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