Today is Endeavour Group Ltd (ASX: EDV)'s twelfth Friday on the ASX, and it's become apparent that Fridays are good days for the drinks and licensed venue business. Since listing, every Friday except one, the Endeavour share price has increased.
There's no clear cause of this phenomenon.
Perhaps, drinks bought at Endeavour-owned outlets spark ASX-related conversations between friends. Or maybe, as investors run to buy their weekend necessities at Dan Murphy's or BWS, or grab a beer at their local Endeavour-owned hotel, the idea of getting on board with the beverage retailer crosses their minds.
Possible resulting boosts of market activity could, thus, inspire the Endeavour share price to gain. Of course, this is purely anecdotal but quite a fun thought to ponder!
This Friday, at the time of writing, the Endeavour share price has gained 1.58%. Shares in the ASX newbie are trading for $7.08 apiece.
Let's take a look at some other possible theories as to why Endeavour shares gain on Fridays.
TGIF for the Endeavour share price
One theory as to why Endeavour tends to gain on Fridays is that its business could be assumed to pick up over the weekend.
Using Google's 'popular times' feature as a source, most Dan Murphy's stores in the cities of Melbourne, Sydney, and Brisbane seem to be at their busiest between Friday afternoon and Saturday evening.
The same data on BWS outlets was much less consistent. Though most BWS stores in Australia's 3 largest cities experienced an uptick in popularity on Friday nights and Saturdays.
Endeavour also owns 332 hotels, 1,775 licenced venues, more than 12,000 poker machines, and 290 TABs and KENO outlets. Some may assume these would be at their busiest over the weekend. However, Endeavour hasn't stated that's the case.
Although, if this theory was true, Endeavour shares would presumably be traded more on a Friday. But, while some Fridays see more activity than other days of a given week, it's not consistent enough to call a pattern.
Another theory market watchers might come to regarding the Endeavour share price's fabulous Fridays, is that most of the company's news comes out on a Friday. Though, that's not the case.
Aside from the Friday before last, when Endeavour announced a new non-executive director, it has never released big news on a Friday.
In fact, aside from that one announcement, Endeavour has only released common paperwork to the ASX on Fridays.
And yet, the Endeavour share price does appear to be racking up a trend of being in the green on Fridays.
Foolish takeaway
It's tempting to draw comparisons between a weekly occurrence and a share price lifting.
However, Endeavour has traded on the ASX for 37 sessions now. Of those sessions, the Endeavour share price has only ended 10 in the red and traded flat for 3.
Therefore, the case of the Endeavour share price's mysterious Fridays is likely just a coincidence.
