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Friday drinks: Why does the Endeavour (ASX:EDV) share price lift on Fridays?

What’s with Endeavour shares gaining on Fridays?
The post Friday drinks: Why does the Endeavour (ASX:EDV) share price lift on Fridays? appeared first on The Motley Fool Australia. –

Today is Endeavour Group Ltd‘s (ASX: EDV) twelfth Friday on the ASX, and it’s become apparent that on every Friday except one, its share price has increased.

There’s no clear cause of this phenomenon.

Perhaps, drinks bought at Endeavor-owned outlets spark ASX-related conversations between friends. Or maybe, as investors run to buy their weekend necessities at Dan Murphy’s or BWS, or grab a beer at their local Endeavour-owned hotel, the idea of getting on board with the beverage retailer crosses their mind.

Possible resulting boosts of market activity could, thus, inspire the Endeavour share price to gain.

This Friday, the Endeavour share price has gained 0.72%. Shares in the ASX newbie are trading for $7.03 apiece.

Let’s take a look at some theories as to why Endeavour shares gain on Fridays.

TGIF for the Endeavour share price

One theory as to why Endeavour tends to gain on Fridays is that its business is assumed to pick up over the weekend.

Using Google’s ‘popular times’ feature as a source, most Dan Murphy’s stores in the cities of Melbourne, Sydney, and Brisbane seem to be at their busiest between Friday afternoon and Saturday evening.

The same data on BWS outlets was much less consistent. Though most BWS stores in Australia’s 3 largest cities experienced an uptick in popularity on Friday nights and Saturdays.

Endeavour also owns 332 hotels, 1,775 licenced venues, more than 12,000 poker machines, and 290 TABs and KENO outlets. Some may assume these would be at their busiest over the weekend. However, Endeavour hasn’t stated that’s the case.

Although, if this theory was true, Endeavour shares would assumably be traded more on a Friday. But, while some Fridays see more activity than other days of a given week, it’s not consistent enough to call a pattern.

Another theory market watchers might come to regarding the Endeavour share price’s fabulous Fridays, is that most of the company’s news comes out on a Friday. Though, that’s not the case.

Aside from the Friday before last, when Endeavour announced a new non-executive director, it has never released big news on a Friday.

In fact, aside from that one announcement, Endeavour has only released common paperwork to the ASX on Fridays.

And yet, the Endeavour share price follows a pattern of being in the green on Fridays.

Foolish takeaway

It’s tempting to draw comparisons between a weekly occurrence and a share price lifting.

However, Endeavour has traded on the ASX for 37 sessions now. Of those sessions, the Endeavour share price has only ended 10 in the red and traded flat for 3.

Therefore, the case of the Endeavour share price’s mysterious Fridays is likely just a coincidence.

The post Friday drinks: Why does the Endeavour (ASX:EDV) share price lift on Fridays? appeared first on The Motley Fool Australia.

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More reading

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Here’s why the Endeavour (ASX:EDV) share price is up 10% in a month
Why the Endeavour (ASX:EDV) share price just hit a new all-time high

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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