It's been a fairly lacklustre day of trading so far this Tuesday for ASX shares. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is nursing a loss of 0.43% and is back to around 8,500 points. But let's talk about what's happening with the Coles Group Ltd (ASX: COL) share price today.
Coles shares have had an interesting session thus far. The ASX 200 consumer staples stock started today's session off in red territory before breaking even mid-morning. Coles then rose as high as $19.84 a share.
Not only is that a new 52-week high for the Coles share price, but an all-time record one. Yep, in Coles' six years as an ASX share in its own right, we have never seen the company at this level.
Since hitting its new high, Coles shares have cooled off a little. However, the company remains up 0.15% at present at $19.81 a share.
So why are Coles shares defying the broader market to push higher this Tuesday?
Why is the Coles share price at a new record high today?
Well, it's a bit of a mystery. There hasn't been any news out of Coles itself for a while now, since last month in fact.
One possible explanation is that investors are expecting some positive numbers when Coles reports its latest earnings this month. The grocer is scheduled to drop its half-year earnings report, covering the six months to 31 December, next week on 27 February.
We won't know what's in this report until we get our hands on it, of course. But that never stops investors from making bets. And it seems that at least some investors think that Coles will pull a rabbit or two out of its hat next week.
Another possible reason for the Coles share price's new high is apathy toward its arch-rival Woolworths Group Ltd (ASX: WOW).
While Coles shares have had a spectacular 12 months, rising 23.5%, Woolies stock has languished. Despite its larger size and more dominant market position, Woolworths shares have slumped by almost 13.5% since this time last year.
Check it out for yourself below:
Coles has had a relatively free ride over the past 12 months, in stark contrast to the lacklustre numbers, disruptive industrial action, and leadership shuffles that Woolworths has been through. As such, perhaps investors are simply more attracted to the apparent stability Coles is currently offering.
Whatever the reasons for today's new highs, Coles investors will undoubtedly appreciate them. Let's see what's in next week's earnings.
