Market (ASX:XJO)  finishes flat, retailers gain, Whitehaven delivers production update

Eight of the 11 key sectors of the Australian share market moved higher on Monday, led by industrial and consumer discretionary businesses, with both gaining 0.6 per cent. Despite the strength, weakness in the energy and materials sectors, down 0.8 per cent, pulled the S&P/ASX200 (ASX:XJO) five points lower for a negative start to the week. Among the biggest selling pressures came from news that property investment in China contracted faster than expected in the first half of the year, down 7.9 per cent. It was a similar story for the economy more broadly, with GDP growth of just 0.8 per cent during the June quarter, albeit at a 6.3 per cent annual pace due to the weaker 2022 comparable. Shares in coal miner Whitehaven (ASX:WHC) finished 2.7 per cent higher, bucking the energy sector selloff, with the company delivering a 19 per cent increase in production, despite seeing higher cost and operational constraints in Australia.

Endeavour hit on pokies, Corporate Travel loses CFO

The ex-Woolworths (ASX:WOW) pub and Dan Murphy’s owner Endeavour Group (ASX:EDV) was the biggest detractor on Monday, with the share price sinking more than 9 per cent. The selloff came after the Victorian government announced tougher restrictions on poker machines that drive the revenue of the business. The changes included applying smaller spending limits and mandatory closing hours, which is expected to impact on profitability. Lithium companies remain under pressure as the threat of a slowing economy hits demand, with Independence (ASX:IGO) and Liontown (ASX:LTR) dropped 4.5 and 2.8 per cent respectively. Shares in Corporate Travel (ASX:CTD) have been able to overcome the loss of its latest chief financial officer, with the fourth such executive in four years set to join; shares were just 0.6 per cent lower.

Dow delivers six straight days of gains, Microsoft, Activision higher, Tesla jumps on Cybertruck

The Dow Jones delivered a sixth straight day of gains, adding 0.2 per cent on Monday, buoyed by continuing signs of a resilient domestic economy. The Nasdaq managed a 0.9 per cent gain and the S&P500 0.4 as the likes of Tesla (NYSE:TSLA) rallied strongly ahead of their earnings report. Tesla gained close to 3 per cent after the company confirmed its first Cybertruck had rolled off the assembly line in Texas many years behind schedule. Shares in game producer Activision Blizzard (NYSE:ATVI) finished 3.5 pr cent higher and Microsoft (NYSE:MSFT) 0.1 per cent after court blocked the Federal Trade Commissions’ effort to cancel the merger of the companies. Sticking with ca rmarkers, Ford (NYSE:F) fell by 6 per cent after management flagged a significant cut to the price of electric F150 in signs of growing stock levels and weakening sales.

Drew Meredith

Drew is editor of The Inside Network's publications and a principal adviser at Wattle Partners.