The share market has hit a seven-year high, spurred on partly by hopes of an interest rate cut.

Shortly before close on Monday, the market did pull back slightly from the new high, but still closed half a per cent higher at 5,930.

The ASX 200 closed 0.6 per cent higher at 5,964.

• Business investment drops
• Myer CEO Bernie Brookes resigns

The Australian dollar was pulled down slightly on Monday in anticipation of an interest rate cut on Tuesday. It was worth 77.7 US cents on Monday afternoon.

Making financial headlines was news of a major shakeup at the top of Myer.

The struggling retailer’s chief executive Bernie Brookes has quit and will be replaced by Myer’s current chief information and supply chain officer, Richard Umbers.

But there was talk of doubt of Mr Umber’s ability in the new role, as a new position of a deputy CEO was also created and awarded to another internal candidate, Daniel Bracken.

Myer is still looking for a new chief financial officer. Mark Ashby’s had announced he was leaving the retailer after seven years in the role.

Investors voiced their opposition to the shake-up with the stock finishing down 11 per cent.

Also falling in the retail sector on Monday, was grocery seller and supplier Metcash, losing seven per cent.

Monday also marked the beginning of a deluge of economic data being released this week.

House price figures showed a modest pick-up in national house prices, with a price surge in Sydney offsetting a sharp fall in Perth.

In manufacturing, the sector is in its third straight month of contraction.

Official business indicators came in weaker than hoped, leading to some economists scaling back their expectations for Wednesday’s official growth figures.

Most economists believe the Reserve Bank will cut again on Tuesday, citing Monday’s weak data, as well as previous prints showing falling employment and business investment.

In commodity markets, West Texas crude sits at $US49.79 per barrel and spot gold has risen to $US1,221 an ounce.

-ABC