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Financials notch two-week high

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James Hardie marks worst session in nearly a year

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Miners, consumers add to losses

(Updates to close)

By Roushni Nair

March 24 - Australian shares ended flat on Monday as

gains in financials offset losses in miners, while building

materials firm James Hardie plunged after it agreed to buy U.S.

artificial decking maker AZEK ( AZEK ) for $8.75 billion.

The benchmark S&P/ASX 200 index edged up 0.07% to

7,936.9 points.

Financials rose over 1%, their highest level in two

weeks. The 'Big Four' banks added between 0.5% and 2.5%.

Banking stocks remain resilient as defensive plays are

largely insulated from U.S. tariffs, although market

participants are now focused on budget implications, said Henry

Jennings, senior analyst at Marcustoday Financial Newsletter.

Miners, on the other hand, fell 0.2%, with

heavyweight BHP declining 0.6%.

China's post-pandemic recovery shows mixed signals as

industrial output and retail sales data improved last week, but

persistent property sector weakness continues to depress steel

and iron ore markets, said Grady Wulff, market analyst at Bell

Direct.

Consumer stocks slipped 1.7%, with top grocers

Woolworths and Coles losing 1.7% and 2%,

respectively.

The supermarket companies retreated as investors locked in

profits following last week's rally, which was triggered by a

regulatory investigation that largely cleared the chains of

price-gouging allegations.

Among individual stocks, shares of James Hardie

tumbled 14.5%, making it the second-biggest loser on the

benchmark, as the AZEK ( AZEK ) deal's higher earnings multiple

and steep premium spooked investors. The stock clocked its worst

session since May 21, 2024.

Meanwhile, the focus is on U.S. trade policy developments as

the White House prepares to unveil a package of reciprocal

tariffs targeting multiple nations on April 2.

Domestically, Australia's government will shift from two

years of rare surpluses to a budget deficit on Tuesday as Prime

Minister Anthony Albanese deploys household relief measures

before the May elections.

Investors also await inflation numbers for February on

Wednesday, with economists' expecting an annual rise of 2.5% for

the month.

New Zealand's benchmark S&P/NZX 50 index rose

marginally by 0.1% at 12,128.2 points.