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The Australian Bureau of Statistics (ABS) has released Australia’s latest retail data, reporting sales growth is up by 1.3% over the last year.
The month-by-month read, however, came in lower than expected, at 0.1% for April versus expectations for 0.2% growth.
The data indicates inflationary pressure from retail could be slowing, which challenges expectations for a 2025 RBA rate cut if the slowdown continues.
On the market, the ASX200 is trading down around 0.2%.
The staples sector is leading intraday gains, up around 0.2%, on the other end, both industrials discretionary are down around 0.7%,
Company news
Infini Resources (ASX:I88) is up more than 5% after its exploration team reported evidence of uranium mineralisation at its Portland Creek project.
The team collected soil samples and other materials on the Canadian landholding, as well as rock chips.
I88 has been trading at 19.5 cents.
Meanwhile, Sun Silver (ASX:SS1) has announced it’s solicitation of US firm Holland & Knight to assist its application for US government grant funding.
This aligns with the company’s overall strategy to become a domestic US silver paste producer, a crucial component in solar panels.
Holland & Knight is applying for the funding under Biden’s Inflation Reduction Act.
SS1 has been trading at 59.5 cents.
WA-focused gold explorer, Saturn Metals (ASX:STN), is up after it achieved recoveries of up to 88 percent from ore taken sourced from its Apollo Hill project in WA.
Leach tests were conducted on diamond drill ore, representing the deposit’s main type of geology.
Grades included one reading at 1.49 grams per tonne of gold.
STN has been trading at 26.6 cents.
That’s market update, we’ll be back later after market close.
