The Australian share market is slightly higher as traders digest the release of weaker-than-expected retail sales data for March that may halt talks of interest rate hikes.
At noon AEST on Tuesday, the benchmark S&P/ASX200 index was up 16 points, or 0.21 per cent, to 7,653.4, while the broader All Ordinaries was up 16.6 points, or 0.21 per cent, to 7,923.2.
Earlier the Australian Bureau of Statistics reported retail turnover fell 0.4 per cent in March, after rising 0.2 per cent in February.
"Outside of the pandemic period and introduction of the GST, this is the weakest growth on record when comparing turnover to the same time in the previous year," said Ben Dorber, ABS head of retail statistics.
Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia, called the underlying trend in retail spending very weak, especially given Australia's population growth.
He said while last week's inflation data spurred concerns the Reserve Bank might need raise rates again to rein in inflation, this data was further confirmation that consumer demand was restrained at present.
Eight of the ASX's 11 sectors were higher at midday.
The heavyweight materials sector was the biggest mover, climbing 0.7 per cent as BHP rose 0.5 per cent, Fortescue grew 1.4 per cent and Rio Tinto was basically flat.
Lithium companies were having a good day, with Pilbara rising 2.5 per cent, Liontown adding 3.1 per cent and IGO 4.1 per cent higher.
The big retail banks were relatively quiet, with CBA up 0.2 per cent, Westpac and NAB 0.1 per cent higher, and ANZ dipping 0.1 per cent.
Worley had plunged 7.6 per cent to a nearly three-month low of $15.075 after major shareholder Sidara sold its 19 per cent shareholding in the professional services company.
Bapcor was in a trading halt to deliver a trading update, as the Autobarn owner disclosed that retail executive Paul Dumbrell had decided not to join the company as chief executive, just two days before he was set to start.
Mark Bernhard will continue as interim CEO and managing director while the board begins a new executive search.
"This is a disappointing situation," said Bapcor chairwoman Margie Haseltine.
The Australian dollar was buying 65.40 US cents, down from 65.62 US cents at Monday's ASX close.