The ASX 200 closed the day with a 0.33% increase, continuing to find support at 8,400 in closing at 8,429.80. The All Ords followed closely, with a 0.32% gain seeing the index close at 8,680.50. The materials sector, and particularly mining stocks exerted pressure on overall performance causing earlier gains to pare back.

A significant factor impacting the day’s trading was the statement from the US President indicating an initiation of tariffs on Chinese goods from February 1st, which sent ripples through mining sectors globally. Localmining stocks, including major players like BHP Group (ASX: BHP), Fortescue Ltd (ASX: FMG), Rio Tinto (ASX: RIO), and Pilbara Minerals Ltd (ASX: PLS), experienced declines in their share prices. Iron ore, a crucial component of Australia’s export economy, was notably affected.

In contrast to the sluggish materials sector, the Information Technology sector stood out by gaining 2.35%. Leading contributors included WiseTech Global (ASX: WTC) which rose by 2.93%, and Xero (ASX: XRO) by 2.44%.

Top performers on the ASX200 index included energy firms like Boss Energy Ltd (ASX: BOE) which surged by 14.18%, and Paladin Energy Ltd (ASX: PDN) increasing by 10.06%.

The market movements today demonstrate varied momentum across sectors and underline the continued volatility faced by Australian equities in response to external economic pressures. The robustness of IT and select energy stocks provides an indication of investor confidence in diversified growth areas amid uncertainty in traditional sectors like mining.

 

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