At closing bell, the benchmark S&P/ASX200 index was down 30.34 points, or 0.42%, to 7,229.14. The broader All Ordinaries index sank 29.05 points, or 0.39%, to 7,418.60.
The top performing stocks in S&P/ASX200 index were NEW HOPE CORP and WHITEHAVEN, up 5.4% and 4% respectively. The bottom performing stocks in S&P/ASX200 index were HEALIUS LIMITED and LIONTOWN RESOURCES LIMITED, down 10.09% and 7.50% respectively.
Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy sector was worst performer, erasing 1.7%, followed by materials (down 0.9%) and consumer discretionary (down 0.7%). Telecommunications Services was the best performing sector, gaining +0.62%.
Shares of materials and energy sectors declined amid global oil prices dropping and investors remaining cautious amid protests and lockdowns in China. Rio Tinto fell more than 1%, BHP Group dropped almost 1% and Mineral Resources fell almost 2%. Beach energy dropped more than 2%, Woodside Energy shed more than 1% and Santos was down almost 2%.
Lithium stocks tumbled, with Allkem slumping 9.2% and Pilbara Minerals falling 7.5% following concerns of demand in China.
Coal miners were the index's shining light on Monday, with Yancoal and Whitehaven two of the biggest lifters, jumping 5.4% and 5% respectively. Coal prices have continued to climb as the Northern Hemisphere enters its coldest months.
CURRENCY NEWS: The Australian dollar Aussie dollar was trading at $0.669 on Monday.
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