Australia's Wesfarmers set for biggest weekly gain in 5 months

WESFARMERS

24/01/2025 04:47

** Shares of Wesfarmers  WES.AX  set for best weekly
performance since mid-August, rising 5.2% so far
    ** On the day, shares up 3.4% at A$74.74 - highest level in
6 weeks; discretionary stocks  .AXDJ  gain 2%
    ** Australian conglomerate said its loss-making online
retailer, Catch, will cease to operate as stand-alone entity in
Q4
    ** "The recent increase in competitive intensity in the
Australian e-commerce sector has affected Catch's financial
performance and growth prospects" - Managing Director 
    ** Expects to record one-off costs associated with wind down
and transition of Catch of between A$50 mln ($31.58 mln) and
A$60 mln, to be included in 2H results


($1 = 1.5833 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))