Retail shares are soaring as Amazon launches in Australia

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Shares in retailers went on a wild ride, first dipping, then recovering and then taking off, after the official launch of Amazon in Australia.

In early trade, Harvey Norman was down 1% to $3.96, Super Retail 1.1% to $7.90 and JB Hi-Fi 0.5% to $23.96.

However, by late morning they all pushed into the positive.

A short time ago, Harvey Norman was up 3.1% to $4.12, JB Hi-Fi 2.2% to $24.63 and Super Retail 2.2% to $8.17.

Myer was up 1.5% to $0.78.

The shares also added more weight after the release of official retail sales numbers for October showed a recovery after a soft patch in the September quarter.

According to the Australian Bureau of Statistics (ABS), sales rose by 0.5% to $26.05 billion in seasonally adjusted terms, topping expectations for an increase of 0.3%.

The US-based retail giant Amazon today launched its full retail offering, with hundreds of thousands of discounted goods and one-day delivery, on its Australian website.

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