ASX 200 closes up; Appen big loser; retail sales hit fresh high; Virtus switches to BGH; Battery enters IFM race

The local bourse closed up 1.08 per cent at 7182.70. Pointsbet and Credit Corp top performing stocks. Virtus switches to BGH. Drama at Appen AGM as shares plunge. Battery Ventures enters Infomedia race. Retail sales rise.

Upbeat earnings from several large US retailers has bolstered confidence in the strength of the world’s largest economy. Picture: Nikki Short / NCA NewsWire

Welcome to the Trading Day blog for Friday, May 27. ASX closes up 1.08 per cent. Perpetual's Pendal play may need Good offer. Virtus switches to BGH. Drama at Appen AGM as shares plunge. Battery Ventures enters Infomedia race. Retail sales rise.

The ASX 200 index made strong gains in afternoon trading, to close up 1.08 per cent to 7182.7, led by a rally in energy stocks.

The broader All Ordinaries index was up 73.7 points, or 1 per cent, to 7413.1.

Energy stocks led gains, with the sector up 2.3 per cent on the back of a stronger oil price. Woodside jumped 3.6 per cent to $30.08, while Beach made 3.8 per cent to $1.64.

The consumer discretionary sector also outperformed, up 2 per cent in the wake of a strong performance by offshore peers, and ABS figures showing retail sales jumped 0.9 per cent in April.

Among commodities, global oil prices climbed after  US government data showed that gasoline stockpiles had fallen to the lowest level since 2014. US Nymex crude oil jumped 3.5 per cent to $US114.14 a barrel while iron ore slid 0.7 per cent to $US132.47.

The Australian dollar was buying US71.62c at the end of trade.