ASX up 0.21% near noon: Australian retail sales decline 0.4% in March

Market Reports

by Peter Milios

Australian retail sales unexpectedly declined by 0.4% in March, influenced by high interest rates impacting consumer spending, according to data from the Australian Bureau of Statistics (ABS). This decline, contrary to expectations of a 0.2% increase, marks one of the weakest growth rates on record when comparing turnover to the previous year, reflecting shifting consumer spending patterns.

At 11:30am, the S&P/ASX 200 is 0.21 per cent higher at 7,653.30.

The SPI futures are pointing to a rise of 8 points.

Best and worst performers

The best-performing sector is Materials, up 0.73 per cent. The worst-performing sector is Industrials, down 0.48 per cent.

The best-performing large cap is IGO (ASX:IGO), trading 4.48 per cent higher at $7.70. It is followed by shares in Pilbara Minerals (ASX:PLS) and TPG Telecom (ASX:TPG).

The worst-performing large cap is Worley (ASX:WOR), trading 8.95 per cent lower at $14.85. It is followed by shares in Ampol (ASX:ALD) and GQG Partners (ASX:GQG).

Commodities and the dollar

Gold is trading at US$2345.90 an ounce.

Iron ore is 0.9 per cent lower at US$117.10 a tonne.

Iron ore futures are pointing to a 0.62 per cent rise.

One Australian dollar is buying 65.55 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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