By Situation Theatre 31/05/2016
Sometimes the market does behave rationally.
Coles and Woolworths are in damage control today with share prices plunging in the wake of Richard Di Natale’s comparison with the two major parties on Q & A last night.
Talking about the Liberal/Labor duopoly, the Greens leader described them as the “Coles and Woolies of politics...nothing brings the old parties closer together than a bit of friendly competition from the outside.”
With both major parties on the nose in the electorate, the comments have fuelled a crash for the major supermarkets but a spike in the stocks of IGA.
Coles spokesperson Bill Crumpets said the comparisons were unreasonable: “Yes, maybe our milk prices are driving farmers to poverty and suicide, but at least we don't torture refugees or open new coal mines knowing they'll kill the Great Barrier Reef.”
Market observers say Coles and Woolies are in structural decline while IGA is surging.