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Wesfarmers Is Boosting the ALL ORDINARIES Index

Australia’s share market, or the All Ordinaries (INDEXASX: XAO)(ASX: XAO), is up by 0.30% at lunch.
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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Australia’s share market, or the All Ordinaries Index (INDEXASX: XAO)(ASX: XAO), is up by 0.30% at lunch. Wesfarmers Ltd (ASX: WES) is up by 5.33% at lunchtime, according to Google Finance.

Indeed, the big news of the day is that Wesfarmers plans to split with Coles and focus on its other businesses which have better growth prospects.

Retail business Premier Investments Limited (ASX: PMV) is up by 6.32% so far today after revealing its half-year report which showed growth in profit. Smiggle and Peter Alexandar were highlights for the company.

Resource company Syrah Resources Ltd (ASX: SYR) has risen by 3.65% on no specific company news.

At the other end of the ASX200, Metcash Limited (ASX: MTS) is down by 4.7% so far after announcing to the market that Scott Marshall has been appointed the new chief executive of supermarkets & convenience after Steven Cain resigned to accept a position at the new Coles company. Metcash said that Mr Cain had been commuting from Melbourne to Sydney each day and the new position will be based in Melbourne.

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