Trading on the Australian sharemarket was subdued as investors digested a series of profit results released on Monday. The S&P/ASX 200 Index inched up 0.2 percent, recovering from earlier losses, driven by a rally in the utilities sector, led by Origin’s 2.7 percent gain. Conversely, the consumer staples sector underperformed, declining 1.2 percent.

This comes after the local market surged 1.3 percent on Friday, extending its weekly gains to 2.4 percent, with profits largely aligning with expectations. Upcoming results from major retailers like Domino’s Pizza and Breville are anticipated to shed light on consumer sentiment amid rising interest rates.

Monday’s trading saw a2 Milk plummet 18 percent following warnings of challenging conditions in China and supply constraints impacting growth. Reece Group also fell 4.3 percent despite an 8 percent increase in full-year net profit.

Gold stocks gained, with Newmont and Northern Star up 0.9 percent and 1.9 percent, respectively. Meanwhile, Westpac and Suncorp rose on positive profit reports, while Ampol, Lendlease, BlueScope, and Iress saw declines following mixed financial outcomes.