The sharemarket closed marginally higher on Monday, but traded in a narrow range as investors cautiously awaited more details of US President Donald Trump’s next onslaught of trade tariffs.

The S&P/ASX 200 Index edged up 0.1 per cent, or by 5.7 points, to 7936.9 at the close. The All Ordinaries was down 0.8 points. Just three of the index’s 11 sectors were in the green.

The index seesawed between small gains and losses, with sentiment bearish as investors gear up for sweeping reciprocal and sector-specific tariffs on April 2. US officials on Friday hinted these tariffs would be targeted, but provided no further details. Uncertainty around the impact of Trump’s trade policies on growth and inflation has sparked volatility in financial markets and kept investors cautious.

“We can make assumptions on how hawkish the tariff headlines and public statements from Trump will be and the possible impact on consumption, inflation and business confidence. However, the reality won’t be truly realised in the data for a period,” Pepperstone head of research Chris Weston said.

Profit-taking took place across the ASX. Stock transfer agency Computershare fell 2.5 per cent to $39.64 and toll road operator Transurban 2.7 per cent to $12.94. Supermarket Woolworths slid 1.7 per cent to $29.43, and Coles 2.1 per cent to $19.06.

Index bellwether James Hardie Industries was a significant detractor, plunging 14.5 per cent to $40 after striking a $14 billion deal to merge with NYSE-listed Azec. The latter’s shareholders will receive around 26 per cent of the combined company’s stock.

The big banks were a bright spot, buoyed by last week’s softer-than-expected labour market data and support for US banks ahead of their earnings season. NAB rose 2.2 per cent to $33.91, while Commonwealth Bank and Westpac both added more than 1 per cent.

Miners were a mixed bag, even as iron ore futures rallied 1.7 per cent to $US101.60 a tonne. Index heavyweight BHP slipped 0.6 per cent to $39.32. Mineral Resources rallied 6.9 per cent to $24.33 after work safety authorities deemed it safe to reopen the miner’s crucial Onslow Iron haul road. And Fortescue advanced 3.2 per cent to $16.30, buoyed by higher iron ore prices and UBS upgrading the stock to “neutral”.

Stocks in focus

In corporate news, Helia plummeted 25.6 per cent to $3.61 after warning investors its current contract with Commonwealth Bank may not run beyond December 31 as the banking giant courts alternative mortgage insurers.

Synlait Milk slumped 12.1 per cent to 81¢ as the milk producer’s latest result failed to impress investors. That was despite Synlait swinging into the black and posting a 105 per cent increase in profit to $4.8 million.

And South32 retreated 1.2 per cent to $3.49 after UBS downgraded the stock to “neutral”, citing the stock’s recent outperformance and some risks from its commodity price exposure.