Wesfarmers (ASX:WES) share price climbs to new record high

The Wesfarmers Ltd (ASX: WES) share price climbed 1.7% higher on Monday as the Aussie conglomerate started the week with a new record high.

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The Wesfarmers Ltd (ASX: WES) share price climbed 1.7% on Monday to start the week at a new record high.

Shares in the Aussie conglomerate closed the day at $54.34 per share, just shy of the $54.48 all-time high set during Monday's session.

Why is the Wesfarmers share price climbing higher?

The S&P/ASX 200 Index (ASX: XJO) had a solid start to the week, climbing 0.4% higher to a new 11-month high. The benchmark Aussie index closed the day at 6,824.70 points. That's its highest level since the start of the coronavirus-induced bear market in late February 2020.

The Wesfarmers share price was one of those ASX 200 shares propelling the index higher. Monday's gains came as Australia's medical regulator approved the first COVID-19 vaccine for use in Australia.

Wesfarmers is a conglomerate, meaning it owns and operates many companies across different sectors. These include businesses in the mining, gas, retail and insurance sectors.

The vaccine news on Monday saw many ASX shares edge higher. The Wesfarmers share price gained 1.7% to finish the day at $54.34 on the back of Monday's investor optimism.

This means the Aussie conglomerate now boasts a market capitalisation of $61.6 billion. Wesfarmers shares are trading at a price-to-earnings (P/E) ratio of 37.9 with a 2.8% dividend yield.

What else happened on the ASX on Monday?

Despite the S&P/ASX 200 Index climbing higher on Monday, it wasn't all good news for investors.

The suspension of the Australia-New Zealand travel bubble saw ASX travel shares stumble on Monday afternoon. The discovery of the highly infectious South African strain of COVID-19 in New Zealand prompted a temporary change to the quarantine-free travel arrangement.

So, while Wesfarmers shares climbed higher to start off the week, ASX travel shares fell lower. These included the Webjet Limited (ASX: WEB) share price which closed 3.8% lower at $4.77 per share.

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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