ACCC backs deregulated trading hours; Super Retail Group’s shares gain 12.1%: midday roundup

ACCC backs deregulated trading hours; Super Retail Group’s shares gain 12.1%: midday roundup

Australian Competition and Consumer Commission chairman Rod Sims has revealed he backs the deregulation of trading hours.

Speaking at the RBB economics conference in Sydney today, Sims said he was supportive of the economic reforms proposed by the Harper Review Panel – one of which is an overhaul of trading hours.

Sims says the review panel proposed a number of “important microeconomic reforms”, including more efficient pricing of road usage and recognising that internet trading never stops.

 “These are important microeconomic reforms,” he said in a statement.

Super Retail Group’s shares gain 12.1%

Super Retail Group’s shares have gained 85 cents, rising 12.1% to $7.90 following reports of a potential overseas buyer.

The shares surged after speculation large foreign sports retailers Intersport, or British retailer Sports Direct, wanted to buy into in the company.

A spokeswoman for Super Retail said chief executive Peter Birtles isn’t aware of any such development.

“Given where the share price is, he thinks it’ll be unlikely that any major shareholder would be looking at selling at this stage,” she told Fairfax.

Super Retail Group is the owner of Australian sporting retail giants such as Rebel Sport and Amart Sports. Earlier this year the company reported a net profit after tax of $108.4 million.

Shares up on open

Aussie shares are up this morning following strong gains from international markets.

The S&P/ASX200 benchmark was up 30.3 points, rising 0.55%%, to 5536.4 at 11:37am AEST. On Wednesday the Dow Jones closed up 69.94 points, rising 0.4% to 17,554.47.

Tags: Australian Competition and Consumer Commission, Rod Sims, trading hours, Super Retail Group, shares


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