Investing.com - Australian stocks experienced an accelerated sell-off in the afternoon, closing 1.1% lower as concerns grew regarding the impact of escalating living costs on retail sales and banks' lending portfolios.
The Commonwealth Bank Of Australia (ASX:CBA) saw a 1.5% decline as its cash profits dwindled in March, contributing to a 0.9% drop in the benchmark S&P/ASX 200.
JB Hi-Fi Ltd (ASX:JBH), a popular retail brand, plummeted by 5% to $56.98 following a reported stagnation in sales during the March quarter. Baby Bunting's stock experienced a sharp 21% drop to $1.50 after the company cautioned that sales were decreasing as families grapple with increasing living expenses.
Super Retail Group Ltd (ASX:SUL), which operates Rebel Sports, Supercheap Auto, and Boating, Camping, Fishing, experienced a 4.9% drop following its sales update.
Other retailers, including furniture companies Nick Scali Ltd (ASX:NCK), Harvey Norman Holdings Ltd (ASX:HVN), and Temple & Webster Group Ltd (ASX:TPW), also saw their shares decline by over 4%. This follows a report by the Australian Bureau of Statistics on May 7, indicating that retail sales volumes fell in the March quarter, marking their fifth decline in six quarters.
Among major Financial companies, National Australia Bank Ltd (ASX:NAB) and ANZ Group Holdings Ltd (ASX:ANZ) fell by about 1%, while Westpac Banking Corp (ASX:WBC) experienced a more substantial drop of 5.5%.
Junior lender Judo Capital Holdings Ltd (ASX:JDO) saw a slight 0.7% decrease after maintaining its guidance but warning of a surge in bad debt provisions for the March quarter.
On a positive note, explosives company Orica Ltd (ASX:ORI) saw a 1.3% rise following a 10% increase in earnings for the six months leading up to March 31.