FX.co ★ Australian Stocks Finish Slightly Lower

The S&P/ASX 200 Index experienced a slight decline of 0.1%, closing at 8,580 on Friday, as it surrendered gains from the previous session due to setbacks in the financial and gold sectors, which overshadowed a strong rally among mining stocks. Over the week, the index saw a reduction of 0.3% following two successive weeks of advances. Market sentiment grew cautious when US President Trump announced a 35% tariff on Canadian imports beginning on August 1, in response to Ottawa’s retaliatory trade measures. He also hinted at potential blanket tariffs ranging from 15% to 20% on most other trading partners. In corporate developments, major banks and gold mining companies bore the brunt of the losses, with CBA dropping 0.5% and Northern Star falling by 2.2%. Real estate and healthcare sectors also faced pressures. Conversely, prominent mining companies enjoyed a 1.9% increase, spurred by rising iron ore prices driven by anticipated steel supply reforms and new economic stimulus efforts from leading consumer, China. Additionally, shares of Johns Lyng Group soared by 23.3%, marking their strongest performance in a single day, following the announcement of a A$1.1 billion acquisition deal with Pacific Equity Partners.