Woolworths Shares Reach Two-Year Peak as ACCC Says Revised Food, Grocery Code of Conduct Now in Force

MT Newswires Live04-02

Shares of both Coles Group (ASX:COL) and Woolworths Group (ASX:WOW) rose past 1% in recent trading on Thursday, with Woolworths hitting a two-year peak, after the Australian Competition and Consumer Commission (ACCC) said on Wednesday that the revised Food and Grocery Code of Conduct had come into force.

MetCash's (ASX:MTS) shares were marginally higher.

Under the revised code, Aldi, Coles, Woolworths, and MetCash are required to include information in their grocery supply agreements about the circumstances in which they can make changes to agreements, require suppliers to make payments, or set off payments from supplier invoices.

Suppliers can ask to negotiate terms of their grocery supply agreements at any time.

Large grocery businesses are subject to additional requirements during negotiations about range reviews and supplier price increase requests.

Coles, Woolworths, and MetCash did not immediately respond to MT Newswires' request for comment.

Coles and Woolworths shares each gained 2% in recent Thursday trade.

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