WOW, MYD, COL, JBH: What’s moving these ASX retail stocks today?

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WOW, MYD, COL, JBH: What’s moving these ASX retail stocks today?

depicting a supermarket shopping aisle
Image source: © Dumayne | Megapixl.com

Highlights

  • Australian shares have gained over 1.08% by noon, getting a push from IT and Consumer stocks.
  • Consumer discretionary and consumer staples have reversed yesterday's losses.

The S&P/ASX 200 is gaining today, having climbed 1.08% to 7,140.5 by noon. Most sectors are higher than the Australian representative index. Consumer discretionary and consumer staple stocks also appear to be reversing yesterday's losses. Both are up 2.04% and 0.70%, respectively. While Consumer Discretionary was amongst the top losing sectors yesterday, today it is the second-highest gainer by noon.

In this backdrop we have covered the latest updates and share prices movements of Woolworths Group Ltd (ASX:WOW), Coles Group Limited (ASX:COL) and JB HI-FI Limited (ASX:JBH).

Woolworths Group Ltd (ASX:WOW)

Woolies, from the consumer sector, is grabbing investor’s interest after it announced acquisition of an 80% interest in MyDeal.com.au Limited (ASX:MYD). Woolworths has proposed to acquire all MYD issued shares other than those held by Sean Senvirtne and other key managerial personnel. For the acquisition, MYD shareholders are to receive AU$1.05 per share in cash. Directors of the online retail marketer have thus unanimously recommended the all-cash deal for shareholders.

Meanwhile, Woolworths Group's share price has advanced 1.11% by noon to trade at AU$35.57 a share. WOW shares are quoted in the 52-week price range of AU$33.45 to44.06 a share. The retailing giant holds a market capitalisation of around AU$42.70 billion.

Price performance and dividend yield on Friday noon

Image Source © 2022 Kalkine Media ®

Read along to know more on Coles Group Limited and JB HI-FI Limited.

Coles Group Limited (ASX:COL)

Another noteworthy stock from the consumer sector is Coles Group Limited. The shares of Coles Group Limited were trading up about 0.67% by mid-day. While there was no announcement except for a performance right lapse notification, the share price increased. The movement seems to be influenced by the sectoral uptrend on ASX today.

Also, Coles Group had reported a solid sales performance in its latest third-quarter results. The Supermarkets segment sale was up by 3.9% despite Omicron affecting the business. According to the retailer, the sales resulted from an increased inclination towards local market shopping during Omicron.

Meanwhile, on ASX, COL shares are priced within the 52-week range of AU$15.67 to 18.94. Coles Group Limited holds a market capitalisation of about AU$23.81 billion.

JB Hi-Fi Limited (ASX:JBH)

Another retailing company on investors' radar is JB Hi-Fi Limited. The consumer electronics company belongs to the consumer discretionary sector. It holds a market capitalisation of around AU$4.90 billion. 

On ASX by noon today, JBH's share price had advanced 2.36%. While there were no announcements except for State Street Corporation ceasing to be a substantial holder, the share price increased. JBH shares appeared to be aligning with the sectoral gains.

The share price is quoted in the one-year price range of AU$43.12 to 56.85 a share. Today, it seems to be reversing the near-term losses made on ASX.

Further, in its latest released Q3-FY22 sales update, the group reported strong demand and sales growth. It also highlighted the continuation of this momentum into Q4-FY22. However, the company did not provide any FY-22 sales and earnings guidance.

Want to know- How has ASX reacted to previous Australian elections?

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