Australian shares edged up in a choppy session, as investors pondered the implications of US President-elect Donald Trump’s tariff and pro-growth policy promises that unleashed euphoria on Wall Street.

The S&P/ASX 200 rose 0.3 per cent or 26.80 points to 8226.3, extending the previous session’s 0.8 per cent advance. Five of the 11 sectors flashed green on Thursday with gains in energy offsetting losses in property. The All Ordinaries also climbed 0.3 per cent.

The ASX’s modest advance is in stark contrast to Wall Street where all three major indices soared to record levels after Trump’s decisive victory. “We had a lot of the impact from the US election [already] in yesterday’s trading session as the results were coming out showing that Trump was probably going to win,” said Ryan Felsman, CommSec’s chief economist.

Rate, China worries

Even so, the rate-sensitive real estate sector dropped more than 2 per cent as bond yields pushed higher on concerns Trump’s inflationary policies would keep interest rates elevated. Westfield operator Scentre Group dropped 1.2 per cent to $3.42, Goodman Group shaved off 4.3 per cent to $4.44 and Stockland fell 1.6 per cent to $5.

The big banks finished mixed with National Australia Bank erasing losses in the last hour of trading to close 0.2 per cent higher at $39.33. It fell nearly 3 per cent in the morning after reporting an 8 per cent fall in cash profit to $7.1 billion in FY24.

“NAB’s result has demonstrated the slow deterioration in asset quality we have seen in the economy, which has accelerated,” said Minh Pham, a senior investment analyst at Milford.

Westpac receded 2.3 per cent to $31.51 as it traded ex-dividend.

Mining stocks were also mixed as the general concern about the impact of Trump’s tariffs on the Chinese economy, which could trigger lower demand for commodities, was offset by hopes that Beijing would reveal a strong fiscal stimulus package on Friday.

“The biggest miners are being sold off, particularly copper or anything to do with renewables because Trump is seen as someone who will protect the old industry,” added Jun Bei Liu, a lead portfolio manager at Tribeca Investment Partners.

Iron ore miners stormed back in the afternoon session, tracking higher prices for the raw commodity following a nearly 5 per cent rise in Chinese imports of the steel-making ingredient in October, from a year earlier, because of higher steel margins.

BHP rose 0.9 per cent to $42.99, Rio Tinto 1.9 per cent to $121.66 and Fortescue 3.3 per cent to $19.50.

Underpinning sentiment is speculation that China’s National People’s Congress could unveil on Friday a bigger-than-expected stimulus package to boost its economy and perhaps offset any future tariffs from Trump.

Stocks on the move

Gold miners, meanwhile, were nursing heavy losses as higher US bond yields and a stronger greenback led to a sharp drop in bullion prices overnight. St Barbara fell 7.1 per cent to 32.5¢, Gold Resources 6.3 per cent to $1.785 and Bellevue Gold 7.7 per cent to $1.385.

In brighter news, pharmaceutical wholesaler Sigma Healthcare rocketed 25 per cent to close at a record high of $2.43 after the Australian competition regulator gave the nod to its tie-up with Chemist Warehouse.

Financial services provider Steadfast rose 1.5 per cent to $5.56 following the acquisition of London-based insurance broker HW Wood and HWI France for £23.5 million ($46 million) in debt and cash.

Aerospace manufacturer Quickstep Holdings almost doubled its price to 38¢ after receiving a takeover offer at 40¢ from one of its big customers, ASDAM Operations.

And biopharmaceutical company Neuren was the index’s top gainer, rallying 8.5 per cent to $14.44 after predicting FY2024 income of $216 million to $218 million.