Why did the Adairs share price surge 5% today?

A woman and two children leap up and over a sofa.A woman and two children leap up and over a sofa.

The Adairs Ltd (ASX: ADH) share price leapt higher on Monday despite no news having been released by the company.

Shares in the home furnishing business rose alongside those of many of its retail peers.

As of Monday’s close, the Adairs share price is $1.785, 4.69% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) slipped 0.64% today while the All Ordinaries Index (ASX: XAO) slumped 0.81%.

Meanwhile, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) outperformed today. It came in as the ASX 200’s second best performing sector.

Let’s take a closer look at what’s been going on with the retailer’s stock and those of its peers lately.

Adairs share price gains 4% on Monday

Adairs has been particularly quiet over the last few months. In fact, the company hasn’t uttered a word of price-sensitive news since February. That makes the Adairs share price gain today more interesting.

Though, the retailer’s stock wasn’t alone in the green. It rose alongside many of its ASX retail peers.

The share prices of Accent Group Ltd (ASX: AX1), City Chic Collective Ltd (ASX: CCX), and Harvey Norman Holdings Limited (ASX: HVN) lifted 3.77%, 5.26%, and 4.51% respectively today.

Meanwhile, the consumer discretionary sector gained 2.77%, led by the PointsBet Holdings Ltd (ASX: PBH) share price’s 18.6% surge. The whopping gain followed news of a major strategic investment in the company.

Today marks the first time in two weeks that the Adairs share price has closed in the green. In fact, the stock has dumped 24% over the last 30 days.

It’s also 55% lower than it was at the start of 2022 and 61% lower than it was this time last year.

Thus, today’s gain was likely a welcome relief for some embattled investors.

The post Why did the Adairs share price surge 5% today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ADAIRS FPO, Harvey Norman Holdings Ltd., and Pointsbet Holdings Ltd. The Motley Fool Australia has positions in and has recommended ADAIRS FPO and Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended Accent Group and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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