Harvey Norman shares have gained as much as nine per cent amid frenzied buying activity for the retail giant.

The shares ended Wednesday’s session at $3.69, up 23 cents, or 6.65 per cent, after earlier peaking at $3.785.

The company received a query from the ASX about the price movement and high trading volumes, but Harvey Norman said it had no explanation.

Falling petrol prices are expected to boost retail spending, although that has not yet been reflected in consumer confidence figures.

AAP