Lovisa shares climbed 7.88%, or $1.80, to close at $24.64, making the retailer the top-performing stock on the benchmark index for the session, according to trading data. No company-specific announcement or catalyst was identified for Wednesday's rally, a pattern that has repeated several times in recent weeks as Lovisa shares have swung sharply on light trading volume rather than fresh news. That bearish call came after a separate note in mid-July, when Lovisa shares climbed more than 4% in a session with no clear catalyst, a move that outpaced gains in the broader consumer discretionary sector. Some analysts argue that Lovisa's fragmented, affordable jewellery category leaves room for the company to keep taking market share globally over the next decade, supporting the case for continued store growth to translate into profit gains. Wednesday's rally in Lovisa shares also came against the backdrop of a broader shift in market leadership on the ASX.