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Wesfarmers (ASX:WES) share price hits new all-time high

So far, 2021 has been a good year for Wesfarmers.
The post Wesfarmers (ASX:WES) share price hits new all-time high appeared first on The Motley Fool Australia. –

Wesfarmers Ltd (ASX: WES) shares enjoyed a day in the green despite no news having been released by the company.

The Wesfarmers share price closed today’s session at $57.49 – 0.63% higher than yesterday’s close. However, during intraday trading, the company’s share price hit a new record high of $58.38.

Wesfarmers’ gains came about during a poor day’s trade for the S&P/ASX 200 Index (ASX: XJO), which closed Thursday 0.37% in the red.

Let’s take a look at what Wesfarmers has been up to this year.

Wesfarmers’ 2021

The ASX has only been graced with three pieces of price-sensitive news from Wesfarmers this year.

The first announcement came on 17 February, when the company announced it had made a final investment decision for the Mt Holland lithium project.

The project is a joint venture between Wesfarmers and Sociedad Quimica y Minera de Chile S.A.

The two companies decided to commit to the full funding of the project when they receive environmental approvals for the Kwinana refinery, anticipated early in the 2022 financial year.  

Construction of the mine, its concentrator, and refinery are scheduled to begin in the first half of next financial year.

The following day, Wesfarmers released its half-year results. The results included a 16.6% revenue increase and a 25.5% increase in net profit after tax (excluding significant items).

Both pieces of news had little impact on the Wesfarmers share price.

Finally, on 3 June, Wesfarmers released its strategy briefing.

Most of the news within the briefing was positive. However, the company admitted its businesses had been affected by COVID-19 induced fluctuations. Additionally, its Catch business’ gross transaction value growth has been negativing since mid-March.

The briefing’s release saw the Wesfarmers share price end the day around 2% lower than the previous session.

Wesfarmers share price snapshot

The Wesfarmers share price has been having a solid year on the ASX. Currently, it’s around 14% higher than at the start of 2021. It has also gained around 33% since this time last year.

The company has a market capitalisation of around $65 billion, with approximately 1 billion shares outstanding.

The post Wesfarmers (ASX:WES) share price hits new all-time high appeared first on The Motley Fool Australia.

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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 owns shares of and has recommended Wesfarmers Limited. 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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