
ASX slips as cautious investors take profits
The benchmark ASX 200 index slid 13.70 points or 0.16 per cent to finish Monday's trading at 8,589.30.
The broader All Ordinaries also finished in the red down 15.50 points or 0.18 per cent to 8,826.40.
The Australian dollar slumped 0.58 per cent and is now buying 65.10 US cents.
It was a mixed day for markets with six of the 11 sectors finishing in the red, as the local bourse seesawed throughout the day's trading. The Australian sharemarket slipped as investors await key economic news. Picture NewsWire/ Gaye Gerard. Credit: News Corp Australia
Utilities were the standout, led by Origin Energy which jumped 6.75 per cent to $11.55 while APA Group was up 0.36 per cent to $8.39 and Meridian Energy finished in the green up 2.22 per cent to $5.53.
It was also a strong day for the healthcare sector with CSL jumping 2.15 per cent to $247.98 while Sigma Healthcare rose 0.33 per cent to $3.02 and Pro Medicus closed 0.68 per cent higher to $309.98.
CBA shares slipped 0.11 per cent to $177.81, NAB dropped 0.28 per cent to $39.04, Westpac slumped 0.45 per cent to $33.48 while ANZ finished in the red down 0.63 per cent to $30.13.
Traders were cautious after US treasury secretary Scott Bessent informed the market the White House sent letters to its trading partners.
But there were some mixed messages.
Some White House staff said 12 letters were sent while others said 15, with nobody confirming who will receive a letter and what the new tariff rates will be. Utilities was the standout sector. NewsWire / Jeremy Piper Credit: News Corp Australia
However, the White House said the revised levies would come into effect from August 1.
IG market analyst Tony Sycamore said traders were taking profits waiting for the fallout from a busy macroeconomic week.
'Starting with the RBA, it would be a shock if they went against what the market is pricing in at this time and there would probably be an uproar if they didn't cut rates,' he told NewsWire.
Mr Sycamore said tariff rates would likely rise from an average of 14 to around 19 per cent on the back of these letters sent to 12 to 15 countries.
'Mr Trump did mention 70 per cent for some countries, but we don't know until that letter arrives and we see the headlines so again it makes sense to see a little bit of profit taking,' he said.
In company news, Origin Energy jumped 6.75 per cent to $11.55 after reports the company was mulling over a demerger.
Origin Energy, which owns a minority stake in UK business Octopus Energy, is reportedly seeking a demerger of its technology arm.
On the other side, Northern Star Resources slumped 8.7 per cent after reporting gold sales for the 2025 financial year came in at the lower end of its revised guidance.
It also set a weaker than forecasted guidance for 2026.
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