The Australian sharemarket was flat in the early afternoon after optimism about commodities demand offset a retreat in health and tech stocks. The S&P/ASX 200 Index was flat at 8285.5 points on Monday after slipping 0.1 per cent last week as the rally in the so-called Trump trades lost steam and traders pared back US Federal Reserve interest rate cut bets. Of the 11 sectors, five were flashing red, from seven at the open, with tech leading the charge. The big four banks were mixed.
“If China follows through on this it would prices up considerably from here and benefit aluminium stocks ... such as South32, Rio Tinto and Alumina,” said Jessica Amir, a market strategist at online trading platform Moomoo. South32 powered up 5.6 per cent. Meanwhile, gold stocks surged, mirroring a bounce in bullion prices as the US dollar rally hit a wall. Bellevue and Evolution leapt more than 3 per cent.
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