Coles dives, ASX hits huge monthly increase

The West Australian

Feb 27

Despite a volatile reporting season, which ended with Coles revealing poorer-than-expected results that led to a massive drop in its share price, the ASX 200 has recorded its biggest monthly increase ...

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NewsWire / Max Mason-Hubers Credit: News Corp AustraliaColes plummeted 7.35 per cent after reporting weaker sales growth than Woolworths, especially in liquor.Woolworths dipped 0.96 per cent after its biggest single day gain on record earlier in the week.Senior financial market analyst at capital.com Kyle Rodda said the drop in Coles’ share price was partly because net profit undershot analyst forecasts.“So there’s a bit of punishment happening, so to speak,” he said.Mr Rodda noted the report also “didn’t really paint a super rosy picture” for the future.“The company highlighted competitive pressures as a risk to future profits. In part, this suggests that in the so-called ‘supermarket wars’, Coles might be down on the proverbial scorecard right now,” he said.“The fact that Woolworths delivered such a strong result for the period and saw a very positive response in its share price illustrates who the markets are backing at the moment.”Camera IconColes plummeted 7.35 per cent after reporting weaker sales growth than Woolworths. NewsWire / Jeremy Piper Credit: News Corp AustraliaThe biggest winner on the ASX was Block, which soared 27.83 per cent after the Afterpay owner announced it was slashing 4000 staff.The company’s gross profit surged 17 per cent to $US10.36bn for 2025.Materials stocks also enjoyed a boost after MP Materials signed a major rare earths supply contract with an unnamed automaker.It led to Lynas Rare Earths leaping 10.09 per cent and Iluka Resources jumping 9.05 per cent.Meanwhile, Bapcor crashed 49.27 per cent upon resuming trade following capital raising at 60 cents per share.Retailer Harvey Norman fell nine per cent — the biggest decliner for the day — after first-half results showed weaker sales in Australia.Virgin Australia dipped 0.32 per cent after its statutory profit fell 27.9 per cent to $341m.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}