What Happened to the Share Price?
Woolworths Limited’s [ASX:WOW] main business is its Woolworths supermarket chain. But the company also has some chain retail interests, including the Big W discount stores, Masters Home Improvement, and the Woolworth/Caltex petrol alliances. The company also run liquor chain stores BWS, Dan Murphy’s and Cellarmasters. Topping it all off are some hotel and leisure interests.
The Woolworths share price closed down 2.28% on Wednesday.
Why Did This Happen to Woolworth Shares?
Woolworths went ex-dividend today. The company will pay a 67 cent per share interim dividend.
The stock dropped from $29.38, to a closing price of $28.67.
What Now for Woolies?
When most companies trade ex-dividend you can expect the share price to fall. However generally the stock price recoveries quickly.
Woolworths remains a decent, defensive stock. Expect the price to climb to $30 over the next couple of days as some investors will have been waiting to pick the stock up when it looks cheap.
It’s unlikely Woolies shares will sink lower for now.
Editor, Money Weekend