Despite the doom and gloom peddled by the Sydney Morning Herald and the Fairfax Media, JB Hi Fi who reported an increase in sales and a 56% increase in online business, was the best performing retail stock on this ASX this morning as the market bounced back from an early fall.
While the SMH screamed ‘JB Hi Fi Shares Plunge On Profit Drop’ the reality was that they only went down 0.14% after the Company reported what was seen by analysts as an “excellent result” in light of the current trading conditions.
See JB Hi Fi’s results here
Harvey Norman and Myer were among the worst performing stocks. Harvey Norman fell 2.3% to trade at noon at $1.91. Myer fell 2.26% to trade at $2.16.
By noon Australian shares had recouped more than half their early losses to trade down 0.7 per cent. At one stage the market was down 2.5%.
At noon the benchmark S&P/ASX200 index was down 34.4 points, or 0.8 per cent, at 4071, after losing as much as 2.5 per cent at the open, while the broader All Ordinaries Index fell 26.1 points or 0.6 per cent, to 4143.6.