S&P/ASX 200 closes lower amid US tariff volatility, most sectors fall while miners defy trend; check top gainers and losers

Australian Sharemarket News: The Australian sharemarket on Monday (February 23, 2026) closed with a drop as fresh uncertainty around U.S. tariff policy unsettled investors. The S&P/ASX 200 closed lower, dropping 55.40 points, or 0.61%, to 9,026.00. The downward trend in Australian shares dragged most sectors lower except miners, which gained on safe-haven flows, as reported by news agency Reuters.

Markets were left with a murky picture after ‌the U.S. Supreme ⁠Court struck ⁠down US President Donald Trump’s emergency tariffs, prompting him to replace them with a 10% global levy before raising it to 15% without clarity on timing or scope.

S&P/ASX 200: Top gainers and losers

The S&P/ASX 200 recorded notable movements across both gains and declines. The bottom-performing stocks in this index were MEGAPORT LIMITED and DATA#3 LIMITED, down 17.51% and 14.40%, respectively, according to the ASX website. Over the last five days, the index has gained 0.99% and is currently 1.01% off of its 52-week high.

Among the top five gainers, Reece Limited (REH) finished at 15.880, rising 1.940, an increase of 13.916 per cent. Guzman y Gomez Limited (GYG) closed at 19.040, up 1.510, marking an 8.613 per cent gain. Pantoro Gold Limited (PNR) ended at 5.310, climbing 0.420, or 8.589 per cent. Ramelius Resources Limited (RMS) rose to 4.880, up 0.370, representing an 8.204 per cent increase. Meanwhile, Greatland Resources Limited (GGP) advanced to 13.830, gaining 0.830, or 6.384 per cent.

On the decline side, Megaport Limited (MP1) closed at 7.960, down 1.690, a fall of 17.513 per cent. Data#3 Limited (DTL) slipped to 7.790, shedding 1.310, or 14.396 per cent. Perenti Limited (PRN) ended at 2.430, declining 0.390, which equates to a 13.830 per cent drop. Austal Limited (ASB) fell to 5.610, losing 0.690, or 10.953 per cent. Finally, Pro Medicus Limited (PME) finished at 115.300, down 11.210, marking an 8.861 per cent decline.

How did different sectors perform?

Sectors ended mixed. 8 of 11 sectors were lower along with the S&P/ASX 200 Index, according to the ASX website. Materials was the best-performing sector, gaining +1.53% and +3.29% for the past five days.

Strong corporate earnings had driven the index to a record high last week, with the benchmark climbing 2.4% since February 11, when the reporting season began, Reuters reported. Back on the benchmark, financial stocks fell 1.2%, with the “big four” banks falling between 0.6% and 2.3%.

CSL, which ‌derives most of its revenue from the United States, fell 3.8%, dragging the health index down 2.4%. Technology stocks dropped 4.6%, while consumer discretionary and real ⁠estate stocks clocked 1.8% and 2.3% in losses, respectively.

Bucking the sombre trend, miners rose 1.7%, hitting a one-week high, with sector giant BHP Group adding 1.3%. Gold stocks gained 4.1% as heightened volatility boosted safe-haven interest in bullion.

Miners and gold stocks rose on safe-haven demand, extending a months-long rotation out of costly tech and health names and into commodities, Mark Gardener, ‌CEO of MPC Markets, said, as reported by Reuters.