Here’s what has been sending the Woolworths share price lower this week.
The post It hasn’t been a great week for the Woolworths (ASX:WOW) share price appeared first on The Motley Fool Australia. –
The Woolworths Group Ltd (ASX: WOW) share price has been struggling this week amid a series of company announcements.
First off, the company released its 2021 sustainability report. Then, it sold its stake in Marley Spoon AG (ASX: MMM). Finally, reports emerged Woolworths will be issuing sustainable bonds.
While none of the news was outwardly awful, the Woolworths share price is currently 1.15% lower than where it started the week. Right now, shares in the supermarket retail giant are swapping hands for $39.64.
Let’s take a closer look at the week that’s been for Woolworths on the ASX.
The week that’s been for Woolworths
The Woolworths share price is battling through a tough week on the ASX.
While the market responded well to the company’s sustainability report, it wasn’t enough to buffer it against the coming drop. The report sent Woolworths shares 0.02% higher on Monday.
However, the price fell another 0.47% on Tuesday following news that Woolworths had sold its 9.8% stake in the recipe and meal box supplier Marley Spoon.
As The Motley Fool Australia reported on Tuesday, Woolworths sold its 28,026,000 Chess Depository Interests in Marley Spoon for $1.91 apiece, raising about $54 million in the process.
Finally, on Wednesday, reports emerged that Woolworths will be issuing about €500 million (about AU$801 million at the current exchange rate) worth of sustainable bonds to Europe.
As my Foolish colleague reported at the time, Woolworths’ new bonds will financially reward it for hitting its emissions targets. The Woolworths share price fell 1.3% on the day.
However, Woolworths managed to dodge Thursday’s carnage on the ASX. While the Woolworths share price slid 0.5% yesterday, it outperformed the S&P/ASX 200 Index (ASX: XJO), which fell by a significant 1.7%.
Woolworths share price snapshot
While it hasn’t been Woolworths’ best week on the ASX, the supermarket giant has been performing well in 2021. The company’s share price is currently 17% higher than it was at the start of the year.
It has also gained 27% since this time last year.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Marley Spoon AG. The Motley Fool Australia owns shares of and has recommended Marley Spoon AG. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.