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Highlights
- ASX-listed stocks have turned southwards today (6 May noon).
- Even the large-cap equities on the Australian share market are bleeding red.
- Here is a peek into the performance of Wesfarmers, Goodman Group and Woolworths in this backdrop.
By noon today, Australian shares are down over 2.5% (6 May 2022, 12 PM AEST). The ASX-listed stocks appear to be tracking the plunge on Wall Street based on predictions of an aggressive federal bank tightening and a slowdown in growth. With 11 sectors plummeting on the index, even the large caps represented by the ASX 50 Index are down over 2.29%.
In this backdrop, let’s take a look at three ASX-listed large-caps, Wesfarmers Ltd (ASX:WES), Goodman Group Ltd (ASX:GMG) and Woolworths Group Ltd (ASX:WOW).
While Wesfarmers and Woolworths belong to the retail industry, Goodman Group belongs to the real estate sector. Both of these sectors on the ASX are in the red at noon today, with A-REITs being down over 3.2% and Consumer discretionary and staples falling over 0.7%.
Note- Share prices mentioned in the story are as at noon of 6 May 2022. All comparisons are made based on it.
Wesfarmers Ltd (ASX:WES)
Operating in the retail sector, Wesfarmers sells fertiliser alongside industrial safety products. Recently at the Macquarie Australia Conference 2022, Wesfarmers revealed that its retail divisions were well placed to manage inflationary pressures, and the current market scenario was posing an opportunity to profitably grow. Wesfarmers even claimed to have strengthened capabilities of its existing divisions and new platforms for future growth.
On the ASX, by noon today, WES shares were trading 0.34% higher. The share price has been appreciating for the last five days of trade on the ASX. Though the share price was up by noon today, it has lost some shine in the last three months’ time while remaining about 17.31% lower on a YTD basis.
Goodman Group Ltd (ASX:GMG)
Belonging to the real estate sector Goodman Group Ltd. is a property group that owns, develops, and manages real estate. On 2 May 2022, Goodman Group recently priced an issue of US$500 million worth of sustainability-linked bonds (SLB) with a scheduled maturity of 2032. The Bonds are the Group’s first Sustainability-Linked Bonds and are a part of the Group’s debt diversification and tenor management strategy.
While Goodman Group has not released any price-sensitive announcements, its share price is over 3.89% lower than the previous close. GMG shares thus appear to track the sectoral and broader market losses.
Woolworths Group Ltd (ASX:WOW)
Next, let us look at Australia’s famous retail chain Woolies’ performance. The retail chain operator had recently released its third quarter sales results. While Woolworths reported an e-commerce sales expansion compared to the same quarter last year, total group sales were down 8.8%. Woolies thus claimed to be focused on operating stability, lower costs and customer satisfaction.
On the ASX, WOW shares were trading about 0.68% lower than their previous close price, adding on to the lows of the last five days of trade. Woolworths shares have lost about 4.10% of their share price in the last six months. As of noon today, WOW shares traded at AU$37.88 apiece.
Summary of the share price performance of the above listed ASX large-caps
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