JB Hi-Fi (ASX:JBH) shares leap on strong sales report: ASX tracking 0.5% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and is now tracking 0.5 per cent higher at noon. Good news for JB Hi-Fi (ASX:JBH) their shares hit a record high on their quarterly report showing good momentum for sales despite being down on last year. More on this later. Shares in Qantas (AXS:QAN) fell after they reported a fall of 0.9 per cent in domestic revenue through the September quarter and that the Hong Kong protests will negatively impact the Group’s first half profit performance by $25 million.

The S&P/ASX 200 index is 35 points up at 6,708. On the futures market the SPI is pointing to a 0.6 per cent fall.

Company news

JB Hi-Fi (ASX:JBH) held their annual general meeting in Melbourne today showing positive momentum in trading activity for the first quarter. Total sales growth was 4.7 per cent compared to the prior corresponding period of 5.3 per cent. Total sales growth for The Good Guys was minus 0.5 per cent, the prior corresponding period was 2.3 per cent. Shares in JB Hi-Fi (ASX:JBH) are currently 7.9 per cent higher at $36.84.

AuStar Gold (ASX:AUL) has appointed Bill Frazer as Chief Executive Officer and Toni Griffith as Chief Financial Officer. Bill has over 35 years’ experience in tin, copper, zinc, nickel and gold assets. Acting Chief Executive Officer Peter de Vries will transition back to a senior exploration management role within the Company. New CFO Toni is a senior gold sector executive with significant experience leading the financial function within mining and exploration companies in Australia.

Best and worst performers

The best-performing sector is Energy, adding 1.6 per cent, while the worst performing sector is Real Estate Investment Trust, shedding 0.4 per cent.

The best performing stock in the S&P/ASX 200 is JB HiFi (ASX:JBH) rising 7.9 per cent to $36.84, followed by shares in The Star Entertainment Group (ASX:SGR) and Webjet (ASX:WEB)

The worst performing stock in the S&P/ASX 200 is Wisetech Global (ASX:WTC) dropping 4.4 per cent to $27.27, followed by shares in Bravura Solutions (ASX:BVS) and Qantas Airways (ASX:QAN)).

Commodities and the dollar

Gold is trading at US$1,493 an ounce.
Iron ore price rose 0.6 per cent to US$87.18
Iron ore futures are pointing to a fall of 0.4 per cent.
One Australian dollar is buying 68.45 US cents.