ASX opens higher as Wall St rallies, JB Hi-Fi hikes dividend, Carsales profit jumps

Australian shares have started the day higher, tracking gains on Wall Street.

The ASX 200 was up 35 points, or 0.5 per cent, to 7,067, at 10:16am AEST.

At the same time, the Australian dollar was flat, at 71.17 US cents.

Shares of JB Hi-Fi rose 0.2 per cent, to $45.61, after the electronics retailer reported a 7.7 per cent jump in annual earnings, to $544.9 million, as higher store traffic driven by the easing of COVID-19 restrictions complemented continued growth in online you go out.

The company was one of the beneficiaries of the pandemic as work-from-home mandates meant higher demand for electronics.

With easing of COVID-19 restrictions, the company was able to reopen all of its stores in the latter half of the financial year, while online sales over the year registered a 52.8 per cent jump.

This helped it increase the company’s full-year dividend payout to $3.16 a share, up from $2.87 in the prior financial year.

The company noted that the cost of doing business in Australia was higher, in-line with higher inflation in the country, while reporting higher sales in Australia and its The Good Guys brand for July.