The Australian share market recorded modest gains by midday, rebounding from a 100-day low. The ASX 200 index rose by 0.2% to 7,801, with investors capitalising on recent dips despite concerns over U.S. trade policies.
Market Overview by Midday
- The ASX 200 gained 0.10 points to 7,786 after an early rally.
- Eight out of 11 sectors moved into positive territory.
- Investors remained cautious about U.S. tariff policies affecting Australian industries.
Figure 1: ASX 200 Midday
BlueScope Steel Leads Gains as Tariff Uncertainty Grows
BlueScope Steel emerged as one of the top gainers in morning trade. However, concerns about U.S. steel tariffs remained high, with Australian steelworkers raising alarms about potential shifts in the industry.
Arthur Rorris, Secretary of the South Coast Labour Council, said the real threat was the possibility of U.S. businesses luring Australian steelmakers.
“The greatest threat facing the Australian steel industry is not Trump’s tariffs, it’s Trump wanting to steal our industry,” he said.
The South Coast Labour Council called for domestic procurement quotas to ensure Australian infrastructure projects use local steel.
Nine Appoints Matthew Stanton as CEO
Nine Entertainment announced Matthew Stanton as its new Chief Executive Officer. The media company stated in an ASX release:
“An experienced commercial CEO, Mr Stanton has a strong track record of leading transformation programs across the media, food and beverage and retail sectors.”
Chair Catherine West said the appointment followed a competitive recruitment process.
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“Matt was clearly the best credentialled leader to maintain the momentum on our strategic and cultural transformation.”
Nine shares increased 0.3% to $1.63 following the announcement.
Nine continues to expand its digital and streaming presence, with its platform Stan competing in the highly competitive Australian streaming market. The company’s media assets, including 2GB, 3AW, The Australian Financial Review, The Sydney Morning Herald, and The Age, remain key drivers of revenue growth.
Coal Stocks Decline as Global Demand Weakens
Coal stocks recorded sharp losses as seaborne imports of metallurgical coal in Asia dropped to their lowest levels in three years. China and India, two major consumers, reduced coal imports in February.
The Newcastle coal index, a key market benchmark, fell 2.5% on March 10.
- Yancoal fell 12.2% after its stock went ex-dividend.
- Whitehaven Coal dropped 5.5%.
- Coronado Global Resources declined 4.2%.
The slump in coal prices continued despite regulatory easing in the U.S. and rising resistance to net-zero policies worldwide.
Energy sector analysts noted that shifting global energy strategies have contributed to coal market instability. India has increased domestic coal production to reduce reliance on imports, while China has continued adjusting its energy mix.
Gold Stocks Rise as Safe-Haven Demand Grows
Gold stocks outperformed as investors sought stability amid global trade tensions. Lower-than-expected U.S. inflation data supported expectations of Federal Reserve rate cuts, boosting demand for gold.
- Bellevue Gold rose over 6%.
- Evolution Mining gained 3.8%.
- Northern Star Resources climbed 1.7%.
Gold prices have remained strong in recent weeks as central banks continue to increase their reserves. Global economic uncertainty, coupled with shifting monetary policies, has driven more investors toward gold as a hedge against inflation and market volatility.
Top Gainers by Midday
- Bellevue Gold: +6%
- Evolution Mining: +3.8%
- Northern Star Resources: +1.7%
Top Decliners by Midday
- Yancoal: -12.2%
- Whitehaven Coal: -5.5%
- Coronado Global Resources: -4.2%
Midday Market Outlook
By midday, the ASX remained in positive territory as investors balanced trade concerns with sector gains. The market’s performance reflected mixed global signals, with industrial and energy sectors facing headwinds while gold and defensive stocks benefited from risk-off sentiment.
Analysts expect continued volatility as international trade policies, interest rate expectations, and sector-specific trends shape market sentiment in the coming weeks.
