The Super Retail Group Ltd (ASX: SUL) share price won’t be going anywhere on Monday.

This morning the retail group requested a trading halt while it undertakes an equity raising.

What did Super Retail announce?

This morning Super Retail announced that it is launching an underwritten accelerated pro-rata non-renounceable entitlement offer to raise approximately $203 million at $7.19 per share. This represents an 8% discount to its last close price.

Management believes this equity raising will allow the company to continue to execute its strategy and pursue strategic growth initiatives.

It will also put Super Retail in a position to take advantage of changing consumer trends by returning capital expenditure to historic levels of ~$90 million per annum, even if a softer trading environment emerges.

This includes the company investing in its omni-retail digital customer experience and analytics, the supply chain to facilitate omni-channel sales growth, the further simplification of its business model, footprint optimisation and organic market consolidation, and increased supplier promotional activity.

Trading update.

Super Retail also provided the market with an update on its performance since the reopening of its stores.

Following a sharp decline in April, the company’s group sales rebounded strongly in May. Group like for like sales increased 26.5% in May compared to the prior corresponding period. As a comparison, group like for like sales fell 26.2% in April.

The Supercheap Auto and Rebel businesses have been doing the heavy lifting. Their sales are up 4.6% and 2.1%, respectively, for the 47 weeks to May 2020. This has offset 0.6% and 10% declines, respectively, in the sales of the BCF and Macpac businesses over the same period.

“Robust trading performance.”

Super Retail’s Chief Executive Officer and Managing Director, Anthony Heraghty, was pleased with the company’s performance during the pandemic.

He said: “We are very pleased with the robust trading performance of the Group despite COVID-19 and thank our team members for their dedication to the business during the pandemic. The execution of our strategy has continued during COVID-19, with our four core brands well positioned to take advantage of shifts in consumer behaviour that have been observed through the pandemic. The equity raising enables us to continue the execution of our strategy, further strengthen our omni-retail capabilities and continue to organically grow our four core brands.”

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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It was another rollercoaster week for ASX shares as the recent bull run came to an end. The S&P/ASX 200 Index (ASX: XJO) closed the week 2.5% lower at 5,847.8 points.

But as always, a falling share market creates some great buying opportunities. Here are a couple of top ASX shares that I think could be trading cheaply today.

The Webjet Limited (ASX: WEB) share price 

One ASX share that got hit pretty heavily last week was Webjet Limited . Investors have been bullish on Aussie travel shares in recent weeks with the Webjet share price climbing 108.8% between 23 April and 9 June.

That strong momentum came to an end last week as Webjet shares crashed 12.03% lower. No one knows quite what the travel industry will look like in 2020 and beyond.

This means the ASX travel share could continue to be volatile in the weeks ahead. I still think its a speculative buy, especially given the recent share price doubling.

However, if travel rebounds quickly and Aussies are happy to spend their spare cash, Webjet could turn out to be a bargain at its current price of $3.94 per share (at the time of writing).

The Woodside Petroleum Limited (ASX: WPL) share price

I’ve also got my eye on ASX oil shares after some of the heavy falls we saw last week. In particular, The Woodside Petroleum share price slumped 8.52% lower to $21.37 per share. 

However, I think there are some positive signs for the Aussie oil and gas producer. With coronavirus restrictions easing and the economy warming up again, demand for oil could be set to surge.

Higher demand means higher oil prices which is good for corporate earnings. This could mean the Woodside share price is a cheap buy at its current price.

Foolish takeaway

These are just a couple of ASX shares that could be trading at ridiculously cheap prices in the current market.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Is the Webjet share price ridiculously cheap? appeared first on Motley Fool Australia.

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