Concerns that the Omicron-related sell-off would look similar to March 2020 were settled on Monday, with the S&P/ASX 200 (ASX: XJO) recovering from a steep fall at the open to post a loss of just 0.5%.
The biggest contributor was a more positive outlook from US markets, where futures tracked higher as investors seemed willing to wait on more data about the symptoms from the latest mutation.
The ASX materials sector has continued its strong recent run, with BHP Group Ltd (ASX: BHP) gaining another 1.4% and the sector up 0.7%.
Technology was the other and only winner, gaining 0.7% with Hub24 Ltd (ASX: HUB) the standout, adding 4.8% on little news.
Every other sector finished lower with the property and energy sectors both falling 1.4% as the threat of restrictions concerned investors.
Unibail Rodamco Westfield (ASX: URW) was the biggest detractor, falling 6.2% with Vicinity Centres (ASX: VCX) not far behind, down 4.8%.
Rural Funds Group (ASX: RFF) bucked the trend, adding 1%, after announcing it had purchased another cattle farm for $69 million as its expansion continues.
Energy sector uncertainty
Shares in Senex Energy Ltd (ASX: SXY) fell another 0.3% as management agreed to extend its exclusivity period with Posco International, a global acquirer.
The news comes as OPEC suggested they may be unlikely to increase oil output next year as they seek to combat the Omicron-induced fall in the oil price.
Pact Group reports
Shares in Pact Group Holdings Ltd (ASX: PGH) fell by over 12% after the packaging and recycling group forecast a $5 million fall in earnings for the first half of FY22.
Management highlighted strong growth in its core businesses, but contract manufacturing had taken a significant hit due to Victorian lockdowns.
Select Harvests hit with lower prices
Select Harvests Limited (ASX: SHV) overcame a major downgrade from the broking community to fall just 1.2% on expectations of the all important almond price in California.
The Port of Oakland reported an 18% decline in exports due to growing supply chain issues.
ASX 200 today
Looking ahead, the ASX 200 is expected to push higher this morning, following a positive lead from US markets overnight.
