Shares in supermarket giant Woolworths Group Ltd (ASX: WOW) are the most heavily traded on the S&P/ ASX200 (ASX: XJO) today as at 15.40pm AEST, according to financial data website Investing.com with 5.94 million shares changing hands worth around $190 million.
That places Woolies ahead of the usual daily suspects for the most heavily traded by volume including Telstra Corporation Ltd (ASX: TLS), National Australia Bank Ltd (ASX: NAB) and BHP Billiton Limited (ASX: BHP) that are second, third, and fourth respectively.
Woolies shares are likely being traded so much today after the group completed a $1.7 billion off-market buy-back designed to help certain investors take advantage of the tax benefits available to investors due to the structuring (via a special dividend) of off-market rather than on-market buybacks.
Woolworths is a widely held income stock amongst large fund managers and SMSF investors alike, both groups of which likely applied heavily to participate in the buy back.
The heavy volume today is a result of these powerful groups of investors re-setting their portfolio weightings in the wake of the buyback.
