The Australian share market has finished higher, as traders digested a weaker-than-expected retail sales report for October that prompted a surge in the local currency.
The benchmark S&P/ASX200 index on Tuesday gained 27.6 points, or 0.39 per cent, to 7,015.2 , while the broader All Ordinaries rose 30.3 points, or 0.42 per cent, to 7,223.1.
The gains moderated after the Australian Bureau of Statistics reported that Australian retail turnover fell 0.2 per cent last month - compared to estimates of 0.1 per cent increase - following a big 0.9 per cent increase in September.
St George senior economist Pat Bustamante said some of the drop was likely due to consumers delaying spending to take advantage of Black Friday sales events in November.
But the readout also pointed to squeezed consumers cutting back on discretionary items like dining at cafes and restaurants and ordering takeaway, a category that saw the first quarterly drop since the end of lockdowns, Mr Bustamante said.
NAB head of market economics Tapas Strickland said the readout likely wouldn't move the dial for the Reserve Bank ahead of its meeting on Tuesday.
NAB continues to forecast a rate hike in February, although that thinking might shift after the Australian Bureau of Statistics reports October inflation figures on Wednesday - another readout sure to be closely watched.
The Aussie dollar climbed to a fresh four-month high against the greenback following the retail sales figures, buying 66.21 US cents, from 65.81 US cents at Monday's ASX close.
Seven of the 11 sectors of the ASX finished higher, with property the biggest gainer, rising 1.4 per cent.
Westfield owner Scentre Group climbed 2.0 per cent and Lendlease added 3.5 per cent.
All of the Big Four banks finished in the green, with ANZ adding 1.0 per cent to $24.36, NAB advancing 1.2 per cent to $28.36 and Westpac and CBA both climbing 0.7 per cent, to $21.25 and $103.34, respectively.
In the heavyweight mining sector, Fortescue Ltd added 1.5 per cent to $24.88 as its name change from Fortescue Metals Group took effect, while BHP dipped 0.2 per cent to $46.43 and Rio Tinto slid 0.3 per cent to $124.88.
Goldminers were shining as the price of the precious metal rose to $US2,015 an ounce, a fresh six-month high.
Northern Star added 3.5 per cent, Evolution climbed 2.9 per cent and Newmont gained 0.6 per cent.
Collins Foods was the biggest gainer in the ASX200, soared 9.2 per cent to a year and a half high of $11.03 as the KFC franchisee posted half-year underlying earning of $109.9 million, up 16.7 per cent from a year ago.
"As higher cost-of-living pressures continue to impact consumers, offering great tasting food that provides exceptional value has never been more important," said managing director and chief executive Drew O'Malley.
In health care, Imugene climbed 10 per cent to 10c after the US Food and Drug Administration granted fast track designation for a clinical trial evaluating the use of its novel cancer-killing virus as a treatment for bile duct cancer.
Healius added 6.4 per cent to $1.415 as departing chairwoman Jenny Macdonald told shareholders at its annual general meeting that the board shared their frustration with Healius' financial position and share price, which is down 71 per cent since the start of 2022.
Managing director and chief executive Maxine Jaquet told the meeting the pathology and imaging chain was optimistic the diagnostic market would revert to growth following the dislocation from COVID-19.
ON THE ASX:
* The benchmark S&P/ASX200 index on Tuesday finished 27.6 points lower at 7,015.2, a gain of 0.39 per cent.
* The broader All Ordinaries closed up 30.3 points, or 0.42 per cent, at 7,223.1
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.21 US cents, from 65.81 US cents at Monday's ASX close
* 98.12 Japanese yen, from 98.09 Japanese yen
* 60.46 Euro cents, from 60.08 Euro cents
* 52.42 British pence, from 52.14 pence
* 108.47 NZ cents, from 108.41 NZ cents.
