The Australian sharemarket ended the day flat as news that US President Donald Trump delayed a sweeping 50 per cent tariff on EU imports did little to quell investor caution.

The S&P/ASX 200 Index edged up just 0.1 points to close at 8361 after trading in a narrow range throughout the session, with five of 11 sectors in the green, led by technology. The All Ordinaries rose by just 2.1 points.

Nasdaq and S&P 500 futures advanced 1 per cent after Trump said he would delay the EU tariffs until July. The American president had suggested the steeper tax could take effect as soon as this week, sending the Nasdaq plunging 1 per cent on Friday and the US dollar to a 2023 low.

The Australian dollar and the yuan hit six-month highs, and gold eased off from the prior session’s rally, sparked by a rise in demand for safe havens. Citi upgraded its price target for gold to $US3500, citing the renewed tariff angst.

Losing momentum

Australian shares shrugged off the rally in futures to trade in a narrow range ahead of Wall Street’s Monday holiday. CommSec market analyst Steve Daghlian said the tariff uncertainty, coupled with a lack of clear catalysts for equities, were preventing the bourse’s advance.

“Markets have just bounced back so aggressively from the lows we had in early April that it’s quite clear they’ve slowed down,” he said. “[This] also shows that while many of those questions around tariffs have de-escalated, they still haven’t gone away”.

WiseTech was an exception, jumping 4.7 per cent to $104.75 after the technology giant announced the acquisition of Texas-based e2open for $3.25 billion.

Uranium stocks extended Friday’s rally after Trump signed an executive order intended to jumpstart the US’ nuclear energy industry. Boss Energy rose 7.3 per cent to $4.27, Deep Yellow 13.7 per cent to $1.42 and Paladin Energy 8.8 per cent to $6.28.

Stocks in focus

Those gains were offset by losses from utilities as Origin Energy retreated 4.9 per cent to $10.51. That was after the company told investors that earnings from its stakes in Australia Pacific LNG and Octopus Energy would be lower than expected.

In other corporate news, Elders dropped 6.7 per cent to $6.16 after half-year earnings missed expectations owing to dry weather, even as its half-year profit more than doubled.

Genesis Minerals advanced 2.1 per cent to $4.43 after announcing it would acquire Western Australia’s Laverton Gold Project from Focus Minerals for $250 million. The latter surged 86.67 per cent to 42¢.

EVT rose 2.1 per cent to $15.42 after Morgan Stanley analysts doubled down on its bullish call, arguing consensus was underestimating a “material recovery” in earnings for its cinema business.

And Accent Group fell 1.6 per cent to $1.88 after announcing the retirement of chairman David Gordon after 18 years.