Woolworths Shares Gain Following JPMorgan Note, Grocer Risks Remain
Woolworths Group Ltd shares rallied Tuesday after JPMorgan upgraded the stock, sending it among the day’s bigger ASX 300 risers and lifting the consumer staples sector. Woolworths finished the day at A$34.21, up A$1.23, or 3.7%. The S&P/ASX 200 added 1.17% to close at 8,604.7. The Australian market was still closed early Wednesday. Timing is a factor here. Woolworths shares were hit after the late-April update. The retailer posted steady sales but flagged a messier profit view. The company said Australian Food EBIT, or operating profit, would miss the top of its previous mid-to-high single-digit growth range.