JB Hi Fi Shares Take A Dive Along With Harvey Norman

JB Hi-Fi who are currently in commission discussions with Telstra has seen their share value drops 5.3%, with investors concerned about the impact on consumer electronics and appliasnce supply due to global chip shortages

Shares in the big consumer electronics retailer who also wn The Good Guys, have dropped for a third sessions in a row amid an unexplained sell-off.

According to data compiled by Bloomberg, a few institutional holders trimmed their investment last week: including Fidelity selling 252,000, Lyxor selling 2,453 shares, and JP Morgan selling 26, 177 shares.

The share that is trading at $47.49 this morning has fallen $5.40 in recent trading days.

The only news during that time was a change in rating by Jefferies from ‘buy’ to ‘hold’ with a $52 price target.

But JB’s ongoing decline is weighing on the market and has made consumer discretionary the second-worst performing sector this morning, down 1 per cent compared to a flat market claims Nine Media.

Harvey Norman is down 2.4 per cent and Kogan.com is down 1.7 per cent.

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David Richards

David Richards has been writing about technology for more than 30 years. A former Fleet Street journalist, he wrote the Award Winning Series on the Federated Ships Painters + Dockers Union for the Bulletin that led to a Royal Commission. He is also a Logie Winner for Outstanding Contribution To TV Journalism with a story called The Werribee Affair. In 1997, he built the largest Australian technology media company and prior to that the third largest PR company that became the foundation company for Ogilvy PR. Today he writes about technology and the impact on both business and consumers.