PERTH, June 28, 2026, 21:04 (AWST)
- Wesfarmers wrapped up Friday at A$90.74, rising 5.78% in the past week. The S&P/ASX 200 ended down 0.73% over the same period.
- Shares moved higher last week, though there was no new Wesfarmers statement. The latest June ASX material from Wesfarmers was a set of strategy briefing papers dated June 9 and 10.
- Household spending rose 1.3% in May, Australian Bureau of Statistics data showed, but goods spending was flat, up just 0.1%. Services spending rose 2.6%. The numbers were mixed for a retailer focused on goods.
No ASX cash session trades on Sunday, so Wesfarmers Limited ASX:WES hangs on its Friday close. The ASX cash market runs from 09:59:45 to 16:00 Sydney time. At publication, it was Sunday night in Perth.
Wesfarmers traded higher every day last week, starting at A$86.15 on Monday and ending at A$90.74 Friday. That was its Friday high. Turnover hit 2.8 million shares Friday, the largest volume for the week on the company’s own historical price feed.
Wesfarmers picked up gains as the rest of the market dropped. The S&P/ASX 200 Index (INDEXASX:XJO) lost 0.7% for the week. Consumer discretionary was up 3.61% according to ASX’s sector numbers. But Wesfarmers jumped 5.8%, beating its own sector by over 2 percentage points.
Wesfarmers shares have moved higher with no new company catalyst late in the session. Its last major update was a June 10 strategy briefing. Since that release, which was tagged as price-sensitive, Wesfarmers has climbed 13.44% off the A$79.99 mark set at the time, data from Intelligent Investor’s ASX announcement tracker shows.
The tough call for investors is if the rally is betting on a full consumer comeback, even though the spending mix isn’t there yet. Westpac’s Luka Belobrajdic said, “Services led the rebound,” but goods spending barely moved. That’s important for groups that depend on Bunnings and Kmart for profits, rather than airlines or restaurants. Westpac IQ
Wesfarmers had flagged the issue in its February update. Managing Director Rob Scott said “higher costs continued to weigh on many households and businesses,” as the company pointed to soft residential construction. Still, first-half net profit after tax rose 9.3% to A$1.60 billion, and EBIT increased 8.4% to A$2.49 billion.
Scott has linked the earnings story to managing costs and pushing data-driven retail. Wesfarmers said in its half-year update that OnePass “drove incremental sales and earnings” in both retail and health. The company said its AI focus is on customer service, tools for staff, merchandising and supply chain.
Valuation is the risk here. The average 12-month target from 13 analysts on Investing.com is A$75.13, with the top estimate at A$85. Both are under where shares finished Friday. Google Finance lists Wesfarmers at around A$103 billion in market value, and a price-to-earnings ratio of 33.61.
Rates are still the key macro factor for the multiple. The Reserve Bank of Australia held its cash rate at 4.35% in June after raising it three times in 2026. Its table shows a 75 basis-point rise since February.
Bunnings’ demand picture gets a straight update this week. May building approvals land July 1, per the ABS calendar, following April’s 3.4% drop to 16,710 dwellings. Wesfarmers’ next set date is its 2026 full-year results on Aug. 27.
