The ASX200 has been up around 0.6% to 7,825 points in early afternoon trade.
The local index is replicating Wall Street’s rebound and led by retail stocks, is up for the second day in a row.
The Discretionary sector is the best performer, up around1.6%, followed by Information Technology 1.5% and Telecommunication around 1.1%.
JB Hi-Fi (ASX:JBH) has been up more than 8% after releasing FY24 results and announcing the acquisition of E & S and Co. The company also declared a special fully franked dividend of 80 cents per share. Despite flat sales, declining profit and reduced earnings, investors reacted favourably, sending the stock higher.
JB Hi-Fi has been trading around $73.20.
Beach Energy (ASX:BPT) has been down around 11% in early afternoon trade after sharing its full year results. The company says higher operating costs at its Cooper Basin JV lead to an 11% decrease in FY24 profits. Its Otway Basin customer nominations and “timing of liquids liftings” also contributed to the dip in profits.
Beach Energy has been swapping hands at around $1.26.
American Rare Earths (ASX:ARR) has been up more than 3% after launching its 100% owned Wyoming Rare USA subsidiary, dedicated to the development of the Halleck Creek project. The restructure will facilitate US based investments and partnerships.
American Rare Earths has been trading for around 24.3 cents