ASX banks, telcos lead market higher after Trump's EU deal
The benchmark ASX 200 index closed up 30.8 points or 0.36 per cent at 8697.7 after hitting an intraday high of 8704.9, while the broader All Ordinaries finished in the green up 29.20 points or 0.33 per cent to 8,963.50.
The Australian dollar slipped from a nine-month high on Friday buying 65.51 US cents at the time of writing.
On an overall positive day, eight of the 11 sectors finished in the green, led by the telecommunications sector, the big four banks and healthcare stocks.
The ASX had a good day after Donald Trump announced a trade deal with the EU. Picture: Gaye Gerard / NewsWire
Shares in Telstra gained 0.81 per cent to $4.95, REA Group jumped 1.34 per cent to $236.09 and CAR group added 1.72 per cent to $37.89.
Market heavyweight CBA gained 1.17 per cent to $174.90 offsetting half the falls in recent days, while NAB gained 0.67 per cent to $37.76, Westpac added 0.54 per cent to $33.21 and ANZ group closed 0.30 per cent higher at $30.31.
Healthcare darling CSL gained 1 per cent to $270.59, Sigma Healthcare added 1.41 per cent to $2.88 and ResMed finished 0.97 per cent higher to $41.70.
The markets jumped after US President Donald Trump announced a deal with the EU to end four months of negotiations between the two economic powerhouses.
Following the discussions, the EU will face a 15 per cent tariff from the US, which is down from the 25 per cent the President announced in April.
European Commission chief Ursula von de Leyen described it as 'a big deal, a huge deal, bringing: stability and predictability' to the two trading partners.
IG market analyst Tony Sycamore said global markets around the world jumped on these trade deals.
European Commission president Ursula von der Leyen and US President Donald Trump announced the deal on Sunday. Picture: Brendan Smialowski / AFP)
'In terms of the trade deals with Japan and Europe, the tariff rate that will be implemented came in lower than initially threatened and the market is looking very positively on it,' Mr Sycamore said.
Uranium shares were one of the rare misses during Monday's trading, dragged down by news out of Boss Energy which flagged challenges out of its Honeymoon uranium project.
Boss Energy shares plummeted 43.97 per cent to $1.90, Deep Yellow fell 8.34 per cent to $1.65 and Paladin Energy dropped 4.43 per cent to $6.91.
'That is the uranium sector in a nutshell,' he said.
'It is one where you have to be prepared for extraordinary volatility.
'This was a disappointing performance day and a disappointing report by Boss Energy.'
In company news, Helloworld Travel shares soared 14.14 per cent to $1.69 after the business upgraded its guidance to somewhere between $58-$62m.
Stealth Group's shares also soared 11.02 per cent to $0.70 after announcing a 50 per cent jump in pre-orders on the back of the soon to be released iPhone 17.
Bubs Australia shares jumped 2.94 per cent to $0.18 after the infant formula maker announced Joe Cootes as its new chief executive, effective immediately.
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