Myer shares have recovered some ground yesterday and this morning, after Monday’s fall.
The closing price yesterday was $3.81 – a 4% drop on the issue price.
The 8.5% drop in price on Monday, the first day of trading for Myer Holdings Ltd, has been attributed to a slow volume day for the market, and a general sense that the IPO was overpriced. However it’s expected that institutions and long-term investors will move in to provide support.
Myer is due to release its first-quarter sales next week, and is forecasting an increase of 3%.
Rival retailer David Jones releases its first-quarter sales results tomorrow, and as a preview has said that sales in the first 8 weeks of the period were stronger than expected, and better than the same time last year.
Myer Holdings Ltd
ASX Code: MYR
David Jones Limited
ASX Code: DJS
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For more on this news story:
- The Age: “Myer shares bounce back after shock fall”
- The Australian: “Myer holders eye sales data as shares rise”
Tags: David Jones, DJS, myer float, Myer Holdings, MYR
