Materials stocks inched up almost 1% at midday Monday as gold rose after US President Donald Trump said the US would impose 30% tariffs on goods from the European Union and Mexico, effective Aug. 1.
South32 (ASX:S32) said its 2026 production guidance for its Mozal aluminum smelter in Mozambique is under review as it has been unable to agree on an affordable electricity price tariff. Electricity is supplied to Mozal under an agreement due to expire in March 2026, and given the increased uncertainty regarding future electricity supply, the company expects to recognise an impairment expense in its 2025 results, the filing added.
On the flip side, the consumer discretionary sector declined 0.5%. The S&P 500, Nasdaq, and Dow Jones indices on Wall Street closed down 0.3%, 0.2%, and 0.6%, respectively.
City Chic Collective (ASX:CCX) said its total revenue for the year ended June 29 rose to AU$134.7 million, up 2% from AU$131.6 million a year earlier. It expects underlying earnings before interest, taxes, depreciation, and amortization for the fiscal year to be in the range of AU$6 million to AU$6.5 million, lower than the previous guidance of AU$8 million and AU$12 million disclosed in May.
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