The Australian share market has extended gains to more than 1.0 per cent higher after data showed strong retail sales for May.
The S&P/ASX200 index rose as high as 6006.3 points after ABS data revealed retail sales jumped a record 16.3 per cent in May, following a record 17.7 per cent decline in April amid restrictions to control the coronavirus.
At 1200 AEST, the benchmark index had eased to be higher by 53.1 points, or 0.89 per cent, at 5989.6 points.
The All Ordinaries index was 58.1 points, or 0.96 per cent higher, at 6110.0.
The Australian dollar also lifted slightly after the news. At 1200 AEST, the local currency was buying 68.54 US cents, still lower from 68.72 US cents at the close of trade on Thursday.
All sectors were trading higher except materials.
Consumer discretionary stocks were easily the best performers, up 2.48 per cent, followed by telecommunications at 1.71 per cent.
Among major banks, three of the four were trading higher.
ANZ lost 0.26 per cent to $19.03, while the Commonwealth Bank gained 0.80 per cent to $69.56, NAB edged up 0.75 per cent to $18.92 and Westpac was higher by 0.83 per cent to $18.24.
AMP was higher by 2.29 per cent to $1.78 after it said AMP Capital’s global head of infrastructure equity Boe Pahari has been promoted to chief executive of the investment manager business.
In mining, the performances of the big companies had turned for the worse since early trade.
BHP lost 0.45 per cent to $35.53, Rio Tinto dropped 0.67 per cent to $97.96 and Fortescue slid down 0.11 per cent to $13.98.
Shares in furniture chain Adairs surged by 13.40 per cent to $2.37 after it said second half sales to date were up 27 per cent on a like-for-like basis which does not count temporary store closures.
Sales at its Mocka business, acquired last year, were up 52.1 per cent.
That result comes after online-only rival Temple & Webster on Thursday reported strong sales too.
In industrials, Clean Teq Holdings suffered a 14.29 per cent slide to 15 cents after it was unable to find an investment partner to produce batteries for electric vehicles.
In the US overnight, all three major US stock indexes oscillated through much of the day because of worries over rising virus cases and hopes of economic recovery.
The S&P ended the session in the black along with the tech-heavy Nasdaq. The blue-chip Dow lost ground.
In China, a medical expert says Beijing has brought a recent coronavirus outbreak under control.