What Happened to the Wesfarmers Share Price?
Wesfarmers Limited [ASX:WES] is a diversified conglomerate. The company operates chain supermarkets, liquor shops, home improvement stores such as Bunnings and Officeworks, as well as mid-market department chain Target and the discount retailer Kmart.
Also under their umbrella are insurance and financial services, two coal mines, and a chemical and fertiliser division. They even have interests in industrial and safety products and services to the mining industry.
Wesfarmers closed down on Friday 3.24%
Why Did This Happen to WES Shares?
Wesfarmers went ex-dividend today. The final dividend was $1.05 however at one point the stock was down as much as $1.530.
What Now for Wesfarmers?
In the days leading up to Wesfarmers going ex-dividend, the conglomerate recently acquired a work wear business from Pacific Brands Limited [ASX:PBG] for $180 million.
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Wesfarmers’ diversified interests make it a solid defensive stock. They have an eye for turning around a struggling business as they did Air Liquide.
However at its current price of around $43 you don’t risk over paying for the stock. Wesfarmers regularly dips. These could provide an entry point.
Share in Wesfarmers haven’t fallen below $41.00 per share in almost twelve months. This price point may be a good entry point. However there is very little technical support for the stock between $37–41.
Shae Smith+
Editor, Money Weekend
The post Why the Wesfarmers Share Price Fell Today appeared first on Stock Market News, Finance and Investments | Money Morning Australia.
