Wesfarmers Hits All-Time ASX High
Wesfarmers has been trading at an all-time high today on the ASX, reaching $62.69 just after 11am, after opening strongly at $62.11.
This continues a banner year for the conglomerate behind the likes of K-Mart, Target, Officeworks and Bunnings, after share prices delivered a solid 6.70 per cent gain during the month of June.
Wesfarmers shares have also been bolstered after it made a $687 million offer for API, the company that owns the Priceline pharmacy franchise. The offer undervalues the pharmaceutical company, and is tipped as a great purchase for the Perth conglomerate.
Wesfarmers enjoyed a strong second half of 2020, buoyed by the continued COVID-19 lockdowns, with revenue up 16.6 per cent to $17.7 billion, and EBIT hitting $2.1 billion – a 25.2 per cent increase.
A strong effort throughout 2021 — including a commercial model reset for Target to make it a “smaller and simpler business with a significantly reduced fixed cost base” — has led the group to an all-time record on the ASX.