Australian equities were little changed on Tuesday, with the S&P/ASX 200 hovering near 8,948 in early trade. The market remained subdued for a second straight session as investors looked ahead to April PMI data due Thursday and monitored ongoing U.S.–Iran tensions.
In response to rising geopolitical risks, Canberra moved to shore up resilience by underwriting purchases through Export Finance Australia, launching a conservation initiative, and dispatching the prime minister on diplomatic visits to Singapore, Brunei, and Malaysia.
Sector performance was mixed: gains in commercial services, consumer durables, and producer manufacturing offset losses in healthcare, utilities, and energy minerals. Viva Energy advanced 2.6% as it worked to restore output at its fire-damaged Geelong refinery, targeting a return to more than 90% of capacity within weeks. Other notable gainers included Codan (up 2.6%), Xero (2.0%), and Nextdc (1.6%), while Lynas Rare Earths fell 2.7%, Evolution Mining slipped 1.2%, and Qantas eased 0.7%.
