Market Wrap / rollercoaster ride

Australian shares reversed gains on Thursday as investors remained cautious over US President Donald Trump's tariffs.

The S&P/ASX 200 closed lower by 0.5% to 7,749.1 points following a 1.3% decline in the previous session. 

Energy players suffered after Macquarie slashed its coal price forecast, noting softer demand and modest supply growth. New Hope was the biggest laggard on the index, shares falling close to 8% to their lowest level since August 2022 after the stock was downgraded to "neutral'. Yancol traded ex-dividend, closing lower by 12.6%.

Gold stocks climbed as uncertainty surrounding global trade and easing inflation bolstered demand for safe-haven assets. Northern Star Resources rose 2.5%, while Evolution Mining advanced 4%.

In terms of tech stocks, accounting software provider Xero climbed 0.4%, and logistics software firm WiseTech Global surged 0.1%.

Mining stocks were broadly flat as weaker iron ore prices weighed on sentiment. BHP slipped 1.8%, Rio Tinto lost 1.1% and Fortescue Metals Group shed 0.5%.

Nine Entertainment shares fluctuated between negative and positive territory after the media giant appointed Matt Stanton as its Chief Executive Officer effective immediately. 

Silk Logistics shares tumbled by more than 20% after the ACCC objected to its proposed acquisition by DP World Australia. 

And shares of Helios Energy slipped as much as 19%, losing the most in three months on discounted placement. 

The US dollar rebounded slightly thanks to a rise in USTreasury yields, the Australian dollar rose to $0.6326 in afternoon trade.

Overnight, we'll get US PPI Final Feb and EuroZone industrial production for January.

Tomorrow, Car Group, Data#3 Ltd and WiseTech Global will trade ex-dividend.