Australian Retail Sales Fall 0.4%, Stocks Pare Gains

Marcus Jacob
06 May, 2013
New York City

Australian markets pared gains and the dollar edged lower and trading volume picked up. Retail sales in March declined unexpectedly 0.4%. Leighton Holdings reaffirmed its full-year earnings outlook. Tabcorp faces one-time charges linked healthcare taxes.

[R]5:00 PM Sydney – Australian markets closed lower and the dollar edged lower and trading volume picked up. Retail sales in March declined unexpectedly 0.4%. Leighton Holdings reaffirmed its full-year earnings outlook. Tabcorp faces one-time charges linked healthcare taxes.[/R]

Australian markets pared gains after March retail sales unexpectedly declined and resource prices in international markets held firm with a slight positive bias.

The ASX 200 index gained 26.70 or 0.5% to 5,156.20 and the broader All Ordinaries rose 28.40 to 5,133.80.

Australian dollar closed up at $1.028 against the U.S. dollar and in stock trading turnover increased to 639 million worth $3.4 billion.

Australian retail sales in March declined 0.4% to $21.87 billion on the 4.2% fall in footwear, clothing and personal accessories, Australian Bureau of Statistics said today.

Stocks in Review

Rio Tinto increased $1.71 to $56.20 and BHP gained 90 cents to $32.87 and Woodside Petroleum Limited slipped 59 cents to $37.18

David Jones Limited rose 1 cent to $2.88 and Breville Group slipped 10 cents to $6.87.

Boral Limited dropped 3.2% to $4.52 after the company said weak housing sector and construction materials and building products operations adverse third quarter earnings.

Tabcorp Holdings Limited rose 0.9% to $3.47 after the gaming company said full year earnings will be impacted by an $18.3 million levy decision from the Victorian government.

Leighton Holdings Limited jumped 2.2% to $19.43 after the company reaffirmed its full year profit guidance of up to $600 million. The construction company posted a net profit in the first quarter of $123 million from loss of $80 million a year ago earlier.

Woolworths lowered 7 cents to $35.52.

Mirvac Group added 2 cents to $1.74. Lend Lease gained 6 cents to $10.52.

Westpac jumped 38 cents to $33.17, Commonwealth rose 0.9% to $71.67 and National Australia Bank slumped 0.7% to $33.50 and ANZ fell 0.3% to $31.51.