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ASX 200 down 0.9%: JB Hi-Fi reveals sales surge and ASX banks drop lower

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to snap its winning streak. The benchmark index is down 0.9% to 5,358.2 points at the time of writing.

Here’s what is happening on the market today:

Bank shares drop lower.

The big four banks are acting as a major drag on proceedings on Wednesday. All four banks are trading notably lower at lunch. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a 3.3% decline.

JB Hi-Fi sales surge.

The JB Hi-Fi Limited (ASX: JBH) share price is pushing higher today after releasing a strong third quarter sales update. JB HI-FI Australia delivered an 11.6% increase in total sales and an 11.3% lift in same store sales during the third quarter. Whereas The Good Guys business performed even better and recorded total and same store sales growth of 13.9%. Pleasingly, this positive form has continued in April and early May. Working and entertaining at home drove the sales surge. This news has given the Harvey Norman Holdings Limited (ASX: HVN) share price a lift as well.

National Storage competes institutional placement.

The National Storage REIT (ASX: NSR) share price is sinking lower today after completing its fully underwritten $300 million institutional placement. The storage giant raised the funds at a 7.1% discount of $1.57. These funds will be used to strengthen its balance sheet, replenish investment capacity and provide additional funding flexibility. The company will now seek to raise up to $30 million via a security purchase plan.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the EML Payments Ltd (ASX: EML) share price with a 6% gain. This is despite there being no news out of the payments company. The worst performer is the National Storage share price with a 6% decline. This follows the completion of its institutional placement this morning.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited. The Motley Fool Australia has recommended Emerchants Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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