Home » Australia Market edges lower after retail sales data

Australia Market edges lower after retail sales data

Australia stock market finished choppy session slightly lower on Tuesday, 27 May 2024, as investors locked in profits amid weaker than expected April retail sales data and on caution ahead of inflation data due on Wednesday for clues on the monetary policy.

At closing bell, the benchmark S&P/ASX200 index dropped 21.59 points, or 0.28%, to 7,766.71. The broader All Ordinaries index was down 23.70 points, or 0.29%, to 8,034.87.

Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Consumer Staples was the best performing sector, gaining +0.19%. Industrials was sector was bottom performer, down 1%, followed by utilities (down 0.9%), telecommunication services (down 0.77%), consumer discretionary (down 0.68%), and information technology (down 0.62%) sectors.

The best-performing stocks in S&P/ASX200 index were CENTURIA CAPITAL GROUP and NICKEL INDUSTRIES, up 4.23% and 3.21% respectively. The bottom performing stocks in S&P/ASX200 index were BOSS ENERGY and HEALIUS, down 10.86% and 5.00% respectively.

Among individual stocks, Strike Energy shares rose 7.3% after the company statement that its Walyering gas field site had recouped its development cost of $30 million, just eight months after it was brought online.

Boss Energy shares shed 10.9% after the company revealed that chief executive Duncan Craib, chair Wyatt Buck and director Bryn Jones had sold more than $26 million worth of their shareholdings in the company.

Shares in healthcare provider Healius shares fell 5% after reports that private equity firms shown interest in purchasing its diagnostic imaging unit.

ECONOMIC NEWS: Australia Retail Sales Rise 0.1% In April- Australia’s retail sales grew less than expected in April as consumers reduced their discretionary spending, flash data from the Australian Bureau of Statistics showed on Tuesday. Retail turnover edged up 0.1% on a monthly basis, reversing a 0.4% fall in March. Other retailing, which gained 1.6% had the largest rise this month, followed by household goods retailing with 0.7% growth. Meanwhile, clothing, footwear, and personal accessory retailing fell 0.7%. Food-related spending showed a mixed picture. Food retailing dropped 0.5%, while there was a small rise of 0.3% in cafes, restaurants and takeaway food services. Retailers reported that spending on alcohol dropped off as consumers brought purchases forward into March and they increasingly opted for cheaper alcoholic products.

Powered by Capital Market – Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: May 28 2024 | 3:42 PM IST