Market Wrap / mighty miners

A long weekend shutdown gave markets time to recalibrate following a week filled with geopolitics and policy shakeups. The S&P/ASX200 gained 0.92% to start the shortened trading week up to 8,941 points, rebounding to a three month high following last week's 0.5% loss.

Precious metals remained in focus as gold hit another record, this time rising above US$5,100 dollars an ounce. Off the back of this, the materials sector gained 1.3% driven by gains from BHP up 2.8%. 

Among other names, South32 climbed 2.3% as UBS raised its target price to $4.90/share, up 23%. While Fortescure rose 1.7% as the iron ore miner agreed to purchase all remaining shares of Alto Copper.

Elsewhere, Droneshield released its quarterly revenue and despite doubling previous December earnings, its shares lost 6.9% in the day's trade. This came as the counter drone solutions provider failed to match its previous quarterly results. 

And Life360 dropped 8.3% as investors took profits following Friday's record gains. 

In the smaller end of town, Cyclopharm shares surged 18.6% after its Technegas lung imaging agent was named as a preferred ventilation option by the US peak nuclear medicine body in updated clinical guidance. 

Overnight, US durable goods data is released along with earnings from United Health Group and Boeing.