The Wesfarmers Ltd (ASX: WES) share price is falling at the final hurdle of this month, dropping for the second day in a row. We take a closer look.
The post What’s going on with the Wesfarmers (ASX:WES) share price today? appeared first on The Motley Fool Australia. –
The Wesfarmers Ltd (ASX: WES) share price is falling at the final hurdle this month, dropping for the second day in a row.
At the time of writing, the Wesfarmers share price is $54.60, down 1.41% today.
It also fell yesterday, though far less dramatically, ending the day 0.81% lower than the previous session’s close.
With no news out of the company, many investors are wondering whether there’s a reason for the Wesfarmers share price tumbling.
Let’s take a look at what Wesfarmers has been up to lately.
A brief refresher on Wesfarmers
Wesfarmers began its life in 1914 as a Western Australian farmers’ cooperative. It has since grown to include many brands that nearly all Australians would recognise.
These include Bunnings, Kmart, Target, Catch.com.au, Officeworks, Kleenheat, and Flybuys.
What’s Wesfarmers been up to this month?
The Wesfarmers share price started the month off strong. Between 31 March and 19 April, it closed every day trading higher than the last.
It climbed from $52.67 to $55.83 and, after a brief correction, it reached $56.14.
Interestingly, such a dramatic climb occurred without the company publishing a word of price sensitive news to the ASX this month. Although, it did quietly release its plans for the future of Kmart.
Outside of the ASX there has been news that Bunnings Warehouse may repurpose onsite carparks to be used as mass vaccination hubs.
We’ve also heard news from Target this month. It announced when it will be closing between 10 and 25 of its large stores and 50 of its smaller Target Country stores. Nearly 12 months ago we reported on the fate of many of Wesfarmers’ Target stores, but only now do we know the exact details.
Wesfarmers share price snapshot
While we have no concrete answers as to why we’re seeing the Wesfarmers share price fall, the drop it’s experienced over the last 2 days has still left it in the green this month.
It’s also currently up 5.9% year to date, and up by 45% over the last 12 months.
Wesfarmers has a market capitalisation of around $62.7 billion, with approximately 1.1 billion shares outstanding.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia owns shares of COLESGROUP DEF SET and Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.