Coles Faces Fewer Bears Than Woolworths After Debut
Bears Feast on Coles in Raging Battle of Australian Supermarkets
(Bloomberg) -- A week after Coles Group Ltd. debuted on the Australian stock exchange, bears have accumulated 1.24 percent short interest in the stock as a percentage of its equity float as of Nov. 23.
That compares with 2.41 percent for rival Woolworths Group Ltd., according to Australian Securities and Investments Commission data.
The two supermarket giants account for about 70 percent of the Australian grocery market. Coles’ return to the stock exchange after being spun off from Wesfarmers Ltd. is reviving a direct Australian supermarket pair trade that hadn’t existed since 2007, when Wesfarmers bought the company.
To contact the reporter on this story: Matthew Burgess in Sydney at mburgess46@bloomberg.net
To contact the editor responsible for this story: Edward Johnson at ejohnson28@bloomberg.net
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