8:00 PM Sydney – Australian retail sales increased 2.4%, the slowest pace in 27 years when record keeping began. Perpetual chief executive resigned and Spotless Group permitted Pacific Equity Partners to conduct due diligence.

Australian stocks traded higher in a cautious trading ahead of earnings from mining giants this week and weakest growth in retail sales since record keeping began in 1984.

Australian retail sales growth declined to 2.4% in 2011, the slowest growth in 27 years according to the data released by the Australian Bureau of Statistics. The retail sales increased 2.5% in 2010.

Retail sales declined 0.1% in December from the revised 0.1% increases in November from the previous estimate of flat growth.

The government statistics do not include sales to the online purchases conducted on foreign web sites.

Sales at department stores increased 1.1% and clothing and footwear store sales rose 3.5%. Consumer spending at cafes and restaurants declined 1.8% and at food stores fell 0.7%.

The ASX 200 index gained 44.8 or 1.1% to 4,296 and All Ordinaries index added 44.5 or 1% to 4,364.6.

The Australian dollar edged lower to $1.0742 after the release of retail sales data.

In trading, turnover increased to 1.77 billion shares worth $4.17 billion and 610 shares increased 389 decreased and 398 closed unchanged.

Stock Movers

BHP Billiton Ltd rose 61 cents to $38.21 ahead of its financial results on Wednesday and Rio Tinto Ltd closed up $1.80 to $72.30.

Fortescue Metals Group increased 29 cents to $5.36 on the rumors that Noble Group was building a strategic stake in the company.

Lynas Corporation Limited closed lower 1 cent to $1.44 and Iluka Resources increased 85 cents to $18.15. Newcrest Mining fell 33 cents to $33.92.

Extract Resources added 3 cents to $8.60 and the uranium miner said that the company is still looking for another bidder to the offer from Chinese state controlled company.

Downer EDI gained 25 cents or 7% to $3.79 after the company said Karara Mining Limited awarded six-year magnetite mining contract worth $570 million.

Oil Search Limited traded down 7 cents to $6.47, Santos Limited fell 2 cents at $13.66 and Woodside Petroleum increased 32 cents to $34.41.

Commonwealth Bank of Australia added 27 cents to $50.84 and ANZ rose 22 cents to $21.33 and Westpac inched higher 24 cents to $21.03. National Australia Bank rose 42 cents to $24.17.

Perpetual increased 77 cents to $21.01 after chief executive of the investment management firm resigned citing differences with the company board.

Spotless Group Limited increased 7 cents to $2.50 after the company said it will permit Pacific Equity Partners to conduct a due diligence on a non-exclusive basis.

David Jones Limited increased 3 cents to $2.56 and Harvey Norman Holdings closed up 4 cent to $2.07. Wesfarmers Limited fell 1 cent to $29.46.