AU Evening Wrap: Traders play defence as slowdown fears rise

Blue-chips dominated as the $S&P/ASX 200 (.XJO.AU)$ climbed 26 points or 0.37 per cent. Small caps retreated.

The shockwaves from last week's dire outlooks from US retail giants $Walmart (WMT.US)$ and $Target (TGT.US)$ began to settle. $Woolworths Group Ltd (WOW.AU)$ bounced 1.86 per cent. $Coles Group Ltd (COL.AU)$ put on 1.98 per cent. IGA operator $Metcash Ltd (MTS.AU)$ added 2.12 per cent.

The big four banks advanced between 1 and 1.8 per cent. $Telstra Group Ltd (TLS.AU)$ gained 1.55 per cent, $Rio Tinto Ltd (RIO.AU)$ 1.35 per cent and $Wesfarmers Ltd (WES.AU)$ 1.12 per cent.

$Woodside Energy Group Ltd (WDS.AU)$ edged up 0.66 per cent as it commenced trade under a new name and ticker code following its merger with BHP's petroleum business. The business trades from today under the name Woodside Energy Group and code $Woodside Energy Group Ltd (WDS.AU)$. $BHP Group Ltd (BHP.AU)$ shareholders received shares in the new entity.

$Tabcorp Holdings Ltd (TAH.AU)$ continued to lose altitude after spinning out its lotteries business, falling 3.32 per cent.

Kiwi medical device manufacturer $Fisher & Paykel Healthcare Corp Ltd (FPH.AU)$ dropped 2.3 per cent to a 30-month low as the launch of new products failed to offset uncertainty about the coming year. The company unveiled three new products, but declined to offer full-year revenue guidance. Net profit declined 28 per cent in FY2022.