Wagners shares hold well despite stock market drop

A CORRECTION by share markets provides a buying opportunity, according to a Toowoomba-based investment adviser.

Businessman Andrew Wielandt. . Picture: Nev Madsen

A CORRECTION by share markets provides a buying opportunity, according to a Toowoomba-based investment adviser.  

Dornbusch Partners investment adviser Andrew Wielandt also said shares in Toowoomba-based Wagners Holding Co held up well amid a 3.3 per cent drop on the Australian share market in the wake of a fall on Wall Street.  

"They are well in front of where they were when they floated in December," Mr Wielandt said.  

"$2.71 was the float price. When they came on the market it was for $3.31. So even if you bought on market day one, with $3.86 (yesterday), they're still doing pretty well."  

The drop on the ASX came after the Dow Jones in the United States plunged 1175 points, or 4.6 per cent.  

Mr Wielandt said the US fall was just the market "blowing off some stream".   

He said this was more of an opportunity than something to be pessimistic about.  

"For those people who follow the share market, this is an opportunity for them to look at values and ask yourselves, 'is this something I should be taking advantage of'," he said.  

"If you are holding good quality shares, like your BHP, Wesfarmers, Commonwealth Bank, just ride the bucking bronco so to speak.  

"(However) This volatility is of little comfort to people who worry about that, or self-funded retirees for who volatility can be quite concerning."  

Wagners closed 11 cents lower at $3.86. 

Originally published as Wagners shares hold well despite stock market drop