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What’s driving the Woolworths (ASX:WOW) share price higher today?

Could the season be helping to boost Woolworths’ stock on Wednesday?
The post What’s driving the Woolworths (ASX:WOW) share price higher today? appeared first on The Motley Fool Australia. –

The Woolworths Group Ltd (ASX: WOW) share price is in the green today despite no news from the supermarket giant.

However, the company’s home sector is the best performing on the S&P/ASX 200 Index (ASX: XJO) on Wednesday. Additionally, its CEO previously noted the company was ready to approach the Christmas period in a strong position.

At the time of writing, the Woolworths share price is $38.62, 2.41% higher than its previous close.

For context, the ASX 200 has gained 1.22% while the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) is up 2.07%.

Let’s take a closer look at what might be boosting the supermarket’s stock today.

Woolworths share price surges after holiday break

The Woolworths share price is surging higher, potentially due to expectations of a fruitful holiday period.

As most market watchers will be aware, today is the ASX’s first day of trading after the Christmas public holidays.

Previously, in an update detailing the challenges brought about by COVID-19‘s Delta strain, Woolworths CEO Brad Banducci stated the company was well prepared for Christmas:

As we head into the key Christmas trading period we have a good in-stock position and positive trading momentum, and our team is working hard to ensure that our customers have access to all they need to make this a special Christmas.

It could indicate the festive break may be helping the company climb out of its COVID-19 induced slump.

While the Woolworths share price is in the green today, it isn’t performing nearly as well as some of its consumer staples peers.

The Graincorp Ltd (ASX: GNC) share price is outperforming the rest, having gained 5.16% today. Meanwhile, that of Bega Cheese Ltd (ASX: BGA) is up 4.09%.

Woolworths’ former spin out Endeavour Group Ltd (ASX: EDV) is also outperforming the supermarket. It has gained 2.5% today.

Today’s movement leaves the Woolworths share price 13% higher than it was at the start of 2021. Though, it’s still 3.7% lower than it was this time last month.

The post What’s driving the Woolworths (ASX:WOW) share price higher today? 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 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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