Why is the Wesfarmers share price having such a stellar start to the week?

Woman on the phone at a hardware storeWoman on the phone at a hardware store

The Wesfarmers Ltd (ASX: WES) share price outperformed on Monday, despite the company’s silence.

In fact, there’s been no price-sensitive news from the conglomerate since 2 June.

At close of trade, the Wesfarmers share price finished $42.40, 3% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) struggled today, slipping 0.64%.

Let’s take a closer look at what might be going right for the ASX 200 giant.

What’s going on with the Wesfarmers share price?

The Wesfarmers share price took off on Monday alongside the company’s home sector.

The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) closed 2.77% higher, led by the PointsBet Holdings Ltd (ASX: PBH) share price – which finished up 18.14% – and those of many ASX 200 retailers.

On Monday, stock in ARB Corporation Limited (ASX: ARB), City Chic Collective Ltd (ASX: CCX), and Harvey Norman Holdings Limited (ASX: HVN) closed higher by 6.5%, 5.56%, and 4.23%, respectively.

One of only a few ASX 200 consumer discretionary stocks trading in the red today is InvoCare Limited (ASX: IVC). It’s closed the day down 0.68%.

Making Wesfarmers’ Monday gain even more notable is its recent rarity. Today is the first time the stock has gained in close to a fortnight. In fact, it’s fallen 10% since the end of May.

Right now, the Wesfarmers share price is 28% lower than it was at the start of 2022. It has also slipped 26% since this time last year.

The post Why is the Wesfarmers share price having such a stellar start to the week? appeared first on The Motley Fool Australia.

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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 positions in and has recommended Harvey Norman Holdings Ltd. and Pointsbet Holdings Ltd. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. and Wesfarmers Limited. The Motley Fool Australia has recommended ARB Corporation Limited and Pointsbet Holdings Ltd. 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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