Shares in the companies of competitors of Dick Smith jumped on the news of the closure of the electronics retailer.
JB Hi-Fi, which will probably benefit most from the disappearance of Dick Smith, went 5% higher.
A short time ago, JB Hi-Fi shares were trading at $22.08.
Harvey Norman, which also sells consumer electronics including computers, gained 1.65% to $4.63.
The rest of the retail sector on the ASX was trading lower.
Ferrier Hodgson, the receivers for the electronics chain, says the Dick Smith store closures will take up to eight weeks.
The receivers didn’t get an acceptable offer to buy the chain as an operating business.