Strong retail stocks claw back early market losses
The local share market was helped by a strong rise in retail stocks to claw back earlier losses.
After being down around 0.5 per cent midway through trade, the All Ordinaries finished two points higher at 5,873 and the ASX 200 matched that gain to 5,904.
Retail sales, the latest set of data out of the Australian Bureau of Statistics, revealed Australia's retail sector had a healthy start to to the year with sales rising 0.4 per cent in the month to $23.88 billion.
Economists are hoping retail growth continues, supported by lower petrol prices, lower interest rates and signs of strength in the housing market.
In the retail sector, Wesfarmers rose 1.1 per cent and Woolworths added 1.8 per cent.
Myer soared 4 per cent in a slight recovery after sharp selling earlier this week in response to the resignation of Bernie Brookes.
The resource market recorded losses, with BHP Billiton down 0.5 per cent and Rio Tinto down 2 per cent.
Energy stocks had mixed results with Woodside up 0.4 per cent and Santos losing 1 per cent.
In the commodity markets, West Texas crude oil rose to $51.48 US a barrel but spot gold continued to lose ground, and was worth $US1,204 an ounce before the close of market.
The Australian dollar was buying at 78.1 US cents at 5:30pm AEDT.
