There were few winners at the big end of town, as local stocks sold off sharply following a weak lead from Wall Street.

The ASX200 Energy index fell by more than two per cent, accompanying a selloff in oil prices after OPEC member states agreed to boost supply.

There were similar falls for resources, while the ASX200 Financials index finished the day 0.88% lower.

As the Australian economy grapples with another round of COVID-19 lockdowns, the ASX200 Consumer Staples index was one of the few bright spots in Monday trade, edging higher by 0.24%.


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Amid the broader market selloff, consumer mainstay Nick Scali (ASX:NCK) led the pack after confirming that it is in discussions “regarding a potential acquisition of the Plush Sofas business”. NCK said there was currently “no certainty” the discussions would result in a deal.

Shares in mining services company Perenti Global (ASX:PRN) also closed higher after the company announced it had won a major contract at the Iduapriem gold mine in Ghana. PRN said it expects to generate revenue of around $280m over the five-year term of the deal.


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Among the laggards with market announcements, Betmakers (ASX:BET) fell by around 8%.

BET — which used to be a small cap — announced that investor Matt Davey, through his US company Tekkorp Holdings LLC, has entered into a funding agreement with an investment bank which includes around 24% of his holding in BetMakers as security for the loan.