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ALL ORDINARIES Index Falls, Wesfarmers (WES) Shares Fall

Australia’s share market, or the All Ordinaries Index (INDEXASX: XAO)(ASX: XAO), is currently down 1.26% at lunch.
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Australia’s share market, or the All Ordinaries Index (INDEXASX: XAO)(ASX: XAO), is currently down 1.26% at lunch.

One of the biggest reasons for the index’s poor performance this morning is Wesfarmers Ltd (ASX: WES), the retail conglomerate is down 1.26% after giving the market an update about the Coles demerger.

The demerger is expected to be completed in November 2018, with Wesfarmers retaining 15% of Coles and 50% of flybuys. Management said Coles will have net debt of about $2 billion to support a favourable credit rating. Coles will aim to have a dividend payout ratio of 80% to 90%.

The Australian Foundation Investment Co. Ltd. (ASX: AFI) share price is up 0.32% after announcing its FY18 result and it maintained its dividend.

However, investors weren’t so pleased with the news from aged care business Estia Health Ltd (ASX: EHE) which is down by 0.8% after appointing a new CEO.

The top performing ASX 200 share so far is Afterpay Touch Group Ltd (ASX: APT), it’s up a further 6% on last’s weeks large gains after its June 2018 update.

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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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