Rebounding retail stocks buoy market
THE Australian sharemarket snapped a two-day losing streak to end the week in positive territory, with non-essential retailing among the best performers.
The benchmark ASX200 index closed 0.5 per cent higher at 7522.9 points, while the All Ordinaries Index gained 0.55 per cent to 7826.7.
The ASX 200 rose 0.5 per cent for the week.
The latest Australian Bureau of Statistics figures showed retail trade fell 2.7 per cent in July compared to the previous month. But that was driven by sharp falls in locked down NSW, down 8.9 per cent month-on-month, and South Australia, down 3.3 per cent.
Online sales, however, rocketed to $3.7bn (the highest level in the history of the data), up 19.3 per cent compared to June. Among consumer discretionary stocks on Friday, Dusk jumped 7.17 per cent to $3.29, Temple and Webster advanced 3.28 per cent to $13.86, Super Retail gained 1.8 per cent to $12.42, Nick Scali rose 1.22 per cent to $12.45 and Kogan lifted 1.29 per cent to $11.01.
But Myer fell 0.96 per cent to 51.5c.