The Wesfarmers Ltd (ASX: WES) share price struggled to keep up with the broader market on Monday despite no word having been released by the company.
At market close, the Wesfarmers share price finished at $46.18, 1.22% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) gained 0.05% on Monday.
Let’s take a closer look at what might have been weighing on the conglomerate’s shares today.
What went wrong for the Wesfarmers share price today?
Wesfarmers shares underperformed this afternoon despite getting off to a strong start this morning.
After reaching a high of $47.25 in mid-morning trade – a 1% gain – the Wesfarmers share price tumbled into the red around midday.
That was a similar performance to the broader market. It also dropped this afternoon amid concerns rising COVID-19 cases in China could extend lockdowns, as reported by the Australian Financial Review.
Wesfarmers’ home sector – the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) – also slid lower for most of today. It closed 0.11% lower.
The Wesfarmers share price was the index’s second-worst performer. The InvoCare Limited (ASX: IVC) share price was its biggest weight, falling 2.4% today.
Wefarmers shares have had a rough start to 2022. They’ve tumbled around 22% year to date. For comparison, the ASX 200 has fallen around 4% in that time.
The company’s stock is also 15% lower than it was this time last year while the index has gained 1.7%.
The post Why did the Wesfarmers share price trail the ASX 200 on Monday? appeared first on The Motley Fool Australia.
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More reading
- Why Nufarm, Pendal, Wesfarmers, and Westpac shares are sinking
- Why are ASX 200 retail shares getting hammered on Thursday?
- Why is the Wesfarmers share price tanking 7% on Thursday?
- ASX 200 midday update: Aristocrat’s earnings beat, Webjet flops, retailers smashed
- Could the Wesfarmers share price have already bottomed?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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