Endeavour shares tumble 10 per cent amid flat day for ASX

One unlucky Australian company has had its share price plummet while the market has remained relatively steady.

The Australian share market has begun the week with a flat session, however, one company has seen its price tumble after a major government announcement.

The ASX200 closed with a decline of just 4.60 points or down by only 0.06 per cent on Monday leaving the index at 7,289.50 points.

That result breaks a four-day winning streak, leaving the index 3.64 per cent higher over previous five days and 3.56 per cent off its 52-week high.

Endeavour Group saw its price take a tumble of 9.90 per cent to $5.64 on Monday after the Victorian government announced new poker machine restrictions.

The S&P/ASX200 closed down just 4.60 points Monday to 7,298.50.. Picture: NCA NewsWire / Damian Shaw

The Andrews government will expand pokies rules such as making gamblers preset daily limits on losses and slowing down spin rates from the Crown casino to all Victorian pubs, which make up the largest market for Endeavour.

Despite the tumble, Endeavour says it “welcomes the opportunity” to work with the government on the timelines and models for the changes.

“There is still a great deal of detail to work through including implementation timelines – and so it is very difficult to speculate on the impact of these reforms at this time,” an Endeavour spokesperson said.

Despite the small loss, six out of the 11 sectors ended higher, with information technology performing the best.

IT gained 0.89 per cent in a single day and 7.31 per cent over the past five days while consumer discretionary grew by 0.64 per cent on Monday followed by industrials at 0.50 per cent.

The miners didn’t fare so well as materials slumped by 0.90 per cent followed by energy with a 0.82 per cent drop.

Second to Endeavour with the worst trades of the day was lithium giant Sayona Mining, which saw its prices drop by 7.90 per cent to $0.18.

The drop came after an extraordinary general meeting where it was decided that 10 million shares would be issued to managing director and chief executive Brett Lynch and 10 million options would be issued to executive director and financial officer Paul Crawford.

The bottom performing stocks in this index were Endeavour Group and Sayona Mining, down 9.90% and 7.89% respectively.. Picture: NCA NewsWire / Damian Shaw

Despite the resolutions passing, a whopping 45 per cent of the votes were not in favour, sparking a tumble.

“The board has engaged with investors and will incorporate that feedback into remuneration structures,” the company said after the results came in on Monday.

The company also appointed an independent remuneration consultant this month to “advice on performance‐based remuneration for executives with outcomes that are aligned with shareholders”.

Miner IGO was also one of the biggest decliners of the day, falling by 4.50 per cent to $15.40 after it announced the impairment of between $880m and $980m for two nickel mines in WA purchased for $1.3bn in 2022.

A lonely miner saw its share price increase on Monday, with Whitehaven Coal experiencing a rise of 2.70 per cent to $6.83 after the release of its quarterly report.

The company announced a run-of-mine increase of 19 per cent compared to the March quarter and that it had generated $435m in cash for the quarter to bring its operations to $4.2bn in this financial year.

The other big miners did not fair as well, with Santos slipping by 1.82 per cent, Rio Tinto falling by 0.98 per cent and BHP down 0.57.

It was not all doom and gloom for the ASX on Monday, with top performer Medibank rising by 3.58 per cent to $3.47.

It was followed by Polynovo which rose by 2.84 per cent to close at $1.63 and Credit Corp saw its price rise by 2.78 per cent to end trading at $21.46.

Westpac was the only one of the big four to experience a drop on Monday, falling by 0.14 per cent to $21.43.

Meanwhile, Commonwealth Bank experienced a 0.53 per cent rise, NAB was up by 0.74 per cent and ANZ rose by 0.41 per cent.