All ords weakens as mining threats spread, Paladin sinks, copper miners hit

The local market continued a negative start to the financial year, falling 0.6 per cent on Wednesday as just four of the market’s 11 sectors posted a gain, led by the utilities sector, which added 1.1 per cent on continued strength in Origin Energy Limited (ASX: ORG). Among the biggest detractors was the materials sector, falling 1.3 per cent, as the threat of 200 per cent tariffs on copper exports to the US sent the likes of Sandfire Resources Limited (ASX: SFR) and Evolution Mining Limited (ASX: EVN) down 3 and 7 per cent respectively. This was despite analysts confirming that the companies export little product to the US and thus their revenue was unlikely to be impacted by the proposed changes. Paladin Energy Limited (ASX: PDN) led uranium miners lower by more than 8 per cent as energy weakness continues to spread. While explosives maker Orica Limited (ASX: ORI) bounced after the company confirmed Vik Bansal, previous CEO of Boral Limited, would be taking over as Chairman of the company amid more challenging conditions ahead.

Lifestyle Communities in disarray, Telix jumps on insurance deal, Bega shuts down peanut ops

Retirement communities group Lifestyle Communities Limited (ASX: LIC) saw its share price plunge at the open, ultimately finishing 37 per cent lower after a tribunal decision found its lucrative deferred management fees, otherwise known as exit fees, were invalid under state laws, likely impacting revenue significantly. Shares in BHP Group Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) fell slightly, down 1 and 0.6 per cent respectively, as the iron ore price remained volatile and expectations grew that their jointly owned Chilean copper mine may be hit by the planned tariffs. Telix Pharmaceuticals Limited (ASX: TLX) jumped by more than 5 per cent as the group’s prostate imaging agent was granted permanent insurance coverage by the US Medicare system, in big news for the company. Meanwhile, Bega Cheese Limited (ASX: BGA) is finally shutting down its peanut processing centre in Australia, with the asset losing up to 10 million dollars per year in recent years.

NVIDIA tops US$4 trillion, Asia stocks to rally, tech boom returns

The latest tariff letters weren’t enough to dampen a renewed rally in big tech shares, with NVIDIA Corporation (NASDAQ: NVDA) becoming the first company to reach a US$4 trillion valuation overnight, rallying 20 per cent so far this year. The chipmaker also pushed the mega cap index 1 per cent higher, with the S&P 500 Index (NYSE: SPX) and Dow Jones Industrial Average (INDEXDJX: DJI) both posting a 0.6 per cent gain. Donald Trump announced a new group of tariffs including 50 per cent on large exporter Brazil, while citing political issues as a reason for the aggressive approach. The Federal Reserve Board remains mixed on whether the tariffs will have an impact on inflation, with this the key reason behind the latest rate hold.