SYDNEY, AAP – Australia’s share market was a little higher on Tuesday and some of the biggest moves were in household-name retail stocks.
The market was up 0.31 per cent as traders followed European markets, which closed higher after Chinese rate cuts. Wall Street traders enjoyed a public holiday.
Materials shares were the most significant ASX contributor and gained a little more than one per cent after similar-sized losses the previous day.
Technology shares were also higher by a little more than one per cent.
The benchmark S&P/ASX200 index was up 23.1 points, or 0.31 per cent, to 7440.4 points at 1200 AEDT.
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The All Ordinaries index was higher by 28.4 points, or 0.36 per cent, to 7767.7 points.
There were big moves for retail stocks such as JB Hi-Fi.
Shares in the electronics group gained almost seven per cent to $49.87 after second-quarter sales improved. First-half profit is forecast to be down almost 10 per cent although the period included coronavirus temporary store closures.
Shares in online creative marketplace Redbubble moved in the other direction.
They fell 22.4 per cent to $2.32 after the company revealed first-half profit was likely to drop due to competition and higher shipping costs.
Kogan was a technology stock moving against the trend of its peers. Shares fell 4.63 per cent to $7.62.
Among larger stocks, mining giant Rio Tinto forecast greater iron ore exports in 2022 but is assuming the worst of the pandemic is over for its workforce.
The company tipped exports of the steel-making commodity would increase from 322 million tonnes in 2021 to a range of 320 million tonnes to 335 million tonnes this year.
The 2022 forecast is based on there being no more highly contagious coronavirus variants which could make many workers sick or have to isolate due to health orders.
Shares were up 0.37 per cent to $110.44.
BHP and Fortescue fared better and each gained about one and a half per cent.
Technology services group Data#3 had good news and said first-half earnings were likely to be in the top end of its forecast range.
First-half net profit before tax and earnings per share were likely to be up 30 per cent.
Shares were higher by 13.76 per cent to $6.61.
The heavyweight category of financials was slightly lower. The major banks were all down by less than 0.4 per cent.
The Australian dollar was buying 72.19 US cents at 1200 AEDT, higher from 72.06 US cents at Monday’s close.