The market eked out a slight gain on Monday even as energy shares took a hit as the Labor government edged closer to curbing new gas and coal investments.
P/ASX 200 added 0.1 per cent, or 6.8 points, to 6962, and the All Ordinaries also edged up 0.1 per cent to 7,143.8, with utilities and real estate leading the modest gains.The “Safeguard Mechanism” reform legislation, set to take effect on July 1, is key to the Labor government’s pledge to lower emissions 43 per cent by 2030. Under the revised legislation, projects such as thewants to develop would have to include carbon capture and storage to achieve net zero.
Market sentiment towards the sector was so poor that it ignored a bounce in oil prices. Brent crude futures rose 0.4 per cent to $US75.32 a barrel, extending a 2.8 per cent gain last week. US West Texas Intermediate crude edged up 0.1 per cent to $US69.33, following a 3.8 per cent leap last week. Shares in lithium developer Lake Resources dived 13.5 per cent to 41.5¢ after its non-executive chairman, Stuart Crow, sold a chunk of shares last week to meet personal financial obligations.to $1.18 after revealing this month’s cyberattack was at least 42 times bigger than initially reported, and is now one of the largest data breaches in Australian history.
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