A rally in Australian shares gained momentum on Monday, as traders flocked to unloved stocks before a sweep of new US tariffs hits global markets this week.
The S&P/ASX 200 Index lifted 1 per cent, by 76.7 points, to 8249.1 on Monday, after buying activity picked up late in the session. The All Ordinaries rose 0.9 per cent. All 11 sectors were in the green, with energy stocks leading gains.
The index jumped more than 50 basis points in the final hour of trading, shaking off Friday’s losses US President Donald Trump’s announcement of an additional 10 per cent tariff on China – a key buyer of Australian commodities – had sparked a broad sell-off. The US is set to impose the levy, along with a 25 per cent tariff on Canada and Mexico on Tuesday.
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