With the S&P/ASX 200 index currently 7.3 per cent below its mid-February high, a federal election campaign under way, and more tariffs looming from Donald Trump, it may get harder still.

AMP head of investment strategy Shane Oliver says Australian election campaigns tend to see weak gains for shares amid uncertainty, before a post-election bounce.

“Labor is offering more of the same whereas the Coalition is offering smaller government, albeit without much detail,” Dr Oliver said.

“A hung parliament & minority government is the biggest risk.”

This week our share tips columnists have focused on resources stocks for most of their buy recommendations.

And WiseTech Global, with its founder and CEO Richard White embroiled in controversy, earned the weird honor of being both a “buy” and and “sell”. It illustrates the current uncertainty in our share market.

Leyland Private Asset Management senior portfolio manager Sean Conlan:

BUY

Santos (STO)

With its Barossa and Pikka projects set to come online over the next 12 months, Santos will enjoy significant free cashflow that could support a high dividend yield and also make the company an attractive acquisition target.

Firefly Metals (FFM)

Its Green Bay Copper-Gold Project Resource is 59 million tonnes at 2 per cent copper equivalent, and copper remains the energy transition and AI trade within commodity markets.

HOLD

James Hardie (JHX)

The company’s unique return profile in building products is hard to replicate, and while AZEK merger may be strategically attractive, we see the proposed transaction diluting returns materially.

Pro Medicus (PME)

While we see potential for increased penetration of the US market, this is largely captured within our forecasts and the current share price.

SELL

WiseTech Global (WTC)

Governance concerns are making it increasingly hard for industry super funds to hold. Australian Super sold its entire holding last week.

Healius (HLS)

The healthcare company has adjusted its financial models, anticipating a faster margin recovery than previously estimated. It still remains expensive with a 2025-26 price-to-earnings ratio of 26 times.

Bell Potter Securities adviser Christopher Watt:

BUY

Paladin Energy (PDN)

The uranium company remains attractive despite rain-related delays at the Langer Heinrich mine. While FY25 guidance has been withdrawn, long-term uranium demand, flexible contracts, and upside from its Patterson Lake South project in Canada support the investment case.

WiseTech Global (WTC)

It delivered a strong first-half result, beating EBITDA forecasts with solid margins. Despite recent negative CEO-related news flow and slightly softer revenue guidance, CargoWise growth and high recurring revenue underpin a robust long-term outlook.

HOLD

Evolution Mining (EVN)

The company provides quality, unhedged gold and copper exposure. Forecast upgrades reflect operational momentum and commodity tailwinds, though recent share price strength suggests more limited near-term upside.

James Hardie (JHX)

Its acquisition of AZEK offers strategic fit but raises concerns over return dilution. The transaction clouds its previous high-return profile, warranting a more cautious, wait-and-see approach.

SELL

Pantoro (PNR)

The gold producer has re-rated strongly, reflecting improved operations and higher gold prices. However, growth is second-half weighted, and execution risks during ramp-up constrain further upside.

Synlait Milk (SM1)

Synlait Milk’s earnings are recovering but its net debt remains elevated. Execution risks, reliance on key customers, and a stretched valuation justify a more cautious stance.

This article first appeared in The Australian.