ASX up 0.61% near noon: JB Hi-Fi reports strong results.

At 11:35am, the S&P/ASX 200 is 0.61 per cent higher at 7,825.40.

The results are driven by a strong performance from retail stocks led by JB Hi-Fi. The broader market also gained momentum as global sentiment improved. Consumer discretionary stocks were the top performers, while technology shares also contributed to the positive market mood.

JB Hi-Fi is expanding its business beyond consumer electronics by acquiring kitchen and bathroom products group E&S Trading, marking its entry into the commercial builder market. The retailer also rewarded shareholders with a special dividend after reporting better-than-expected profits, despite a decline in underlying net profit.

The SPI futures are pointing to a rise of 50 points.

Best and worst performers

The best-performing sector is Consumer Discretionary, up 1.66 per cent. The worst-performing sector is Materials, up 0.02 per cent.

The best-performing large cap is JB Hi-Fi (ASX:JBH), trading 9.11 per cent higher at $73.51. It is followed by shares in Harvey Norman Holdings (ASX:HVN) and CAR Group (ASX:CAR).

The worst-performing large cap is Aurizon Holdings (ASX:AZJ), trading 7.18 per cent lower at $3.36. It is followed by shares in Pilbara Minerals (ASX:PLS) and REA Group (ASX:REA).

Commodities and the dollar

Gold is trading at US$2468.00 an ounce.

Iron ore futures are pointing to a 0.1 per cent fall.

One Australian dollar is buying 65.85 US cents.