The S&P/ASX 200 fell 0.2% in early afternoon trading as rising prices for oil, copper, silver, and gold boosted the energy and materials sectors. These gains were offset by declines in banking, retail, and healthcare, amid a lack of direction due to Wall Street’s closure for Memorial Day. Australian retail sales for April slightly missed expectations, rising just 0.1% month-on-month.

Gold prices increased by 1.5% to $US2353 an ounce. Newmont Gold gained 0.8% to $63.85, while Evolution Mining rose 1.9% to $4.01. South32 advanced 1% to $3.92. The uranium sector lagged, with Boss Energy dropping 9% to $4.85 following significant share sales by its CEO.

Oil prices rebounded ahead of an OPEC+ supply meeting and the start of the US summer driving season. The Australian dollar rose 0.5% to US66.7¢, buoyed by higher commodity prices and a lift in US equity futures.

Noteworthy stocks included Peter Warren Automotive, down 9.6% to $1.94 on a profit warning, Pro Medicus, up 2.7% to $116.31 with new US contracts, and Playside Studios, up 13.8% to $1.03 after raising its EBITDA guidance.