By Patrick Avenell
If yesterday was one of ultimate stability for JB Hi-Fi, then today proved to be a boon for the listed retail group. With the turmoil of uncertainty and speculation over a Woolworths bid now behind them, JB Hi-Fi jumped an impressive 9.21 per cent.
After yesterday’s close of $7.60, a rise of 5 cents in the first full day’s trading since Woolworths quashed takeover rumours, it was thought that JB’s price fluctuations may not have been as linked to the speculation as first imagined. Today’s performance is more resolute, however, with the company performing strongly throughout.
In real money terms, the share price closed up 70 cents at $8.30. This is still short of last Friday’s close of $8.50, but it is a one day performance to all but reverse the lost value caused by hesitation over the future of the company. It could also provide a springboard to catapult JB Hi-Fi’s share price back up to the previous lofty heights – well above $13 – enjoyed as recently as September.
In other listed retailer trading news, Harvey Norman was up 5 cents today to $2.15, RR Australia (Radio Rentals and Rentlo) was steady at 46 cents and Clive Peeters was also steady at 6.5 cents.