Market Wrap / rally on

The S&P/ ASX 200 ended the session 0.4% higher at 7997.10 points, helped by last week’s positivity on Wall Street. Still, some earlier gains were pared later in the session, and some big names ended in the red.

Materials was the only sector ending in negative territory, with BHP shedding 1.1%. Some solace was to be found among rare earths producers, with Lynas Rare Earths leaping 3.3% as it affirmed it is well positioned to take advantage of China's decision to limit exports.

Elsewhere, James Hardie sought to reassure investors they will be involved in the company’s major decisions. The company has been criticised for its US-acquisition of AZEK, without a shareholders vote. James Hardie responded today saying any potential ASX-delisting will be subject to a vote.

US tariffs are already taking a toll on a heap of companies including Brambles which lowered revenue guidance to the lower end of its previous range, and Flight Centre which is calling out consumer caution over tariffs and new US entry policies. It has cut its full year profit expectations but softened the blow with a $200M buyback.

Telix Pharmaceuticals was one of the day's worst performer after it was denied US FDA approval for one of its products.

Internationally, we’ll get the results of the Canadian Federal Election tomorrow, while locally more quarterly reports are expected ahead of the much-anticipated inflation data on Wednesday.