On Monday, WES was the best-performing retail stock, closing up +2.1%, whereas JB Hi-Fi slipped -0.2%. We often say, “One day doesn’t make a summer.” Still, it was interesting to see the more defensive retailers outperforming as the ASX broke above 8000, a trend we can see continuing as investors worry about lofty valuations leading to more conservative positioning in the second half of 2024.
- We expect WES to make new highs over the coming weeks; it’s not a big call now, but it’s not a breakout we would chase in earnest.
MM is mildly bullish towards WES in the short-term
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