News: XMM Australian shares slip on weaker gold; consumer stocks down on sales data

	  Gold index down 3.1%, among top drags 

	  Miners, energy firms limit losses 

	  Consumer stocks drop as retail sales data below estimates 

(Updates to close)

Australian shares reversed early gains to end lower on Thursday, dragged by losses in gold and banking stocks, while consumer stocks fell after local retail sales data missed estimates.

The S&P/ASX 200 index (xjo) settled 0.1% lower at 7,024.8, its second consecutive session of losses.

Consumer stocks .AXSJ fell 0.7%, with Woolworths Group (WOW) and Coles (COL) ending the day 0.9% and 0.7% lower, respectively.

Data suggested August retail sales grew marginally, missing estimates as consumers continued to cut back on spending in the face of higher living expenses and borrowing costs.

Analysts at RBC Capital markets said they see weak discretionary spending and further service expenditure softness as the key drivers of a negative quarter of household consumption, with risk of a consumer recession.

The labour market remains strong and tight enough to keep upward pressure on wages and labour costs, the analysts added.

Gold stocks .AXGD were among the top losers on the benchmark, falling 3.1%, as bullion prices remained troubled.

Sector majors Newcrest Mining (NCM) and Northern Star Resources (NST) dropped 5% and 2.1% respectively.

Financials .AXFJ slipped 0.3% after gaining for two straight sessions, with the country's three largest lenders down between 0.3% to 0.6%.

However, energy stocks .AXEJ and mining companies .AXMM helped limit declines, rising 3% and 0.4% respectively buoyed by underlying commodity prices.

Among individual stocks, Brickworks (BKW) fell nearly 12% to emerge as the top drag on the benchmark index, after posting a 32% drop in FY23 earnings.

Washington H Soul Pattinson and Co (SOL) , which holds over 40% stake in Brickworks, lost nearly 9% after reallocating about A$1 billion ($637 million) in capital away from equity markets.

New Zealand's benchmark S&P/NZX 50 index (nz50) ended 1.2% lower at 11,178.03.