Market Wrap / tariff whiplash

The local market seesawed throughout the final trading day of the week, as investors largely shrugged off the latest tariff announcements from the White House, including a 35% hit to Canada. 

The S&P/ASX200 ended down 9.10 points to 8580.10. 

 Rare earth miners soared after the US Department of Defence struck a $400 million deal with US-based MP Materials to build a new magnet plant and expand rare earth capabilities. Lynas shot up 16.3% while Iluka Resources was firmer by 22.1%. That sentiment also boosted the big miners with BHP up 2.9% and Rio Tinto up 2.3%. 

Elsewhere, Johns Lyng Group shares rose 22.3% as it confirmed it will be acquired by private equity group Pacific Equity Partners for $1.1 billion.

The big four banks traded fairly unchanged, however CBA finished the day down 0.5%.

Ahead next week, the focus for local investors is the June labour data due on Thursday.