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.