It's been a tough few weeks for Fools investing in ASX 200 shares. The S&P/ASX 200 Index (ASX: XJO) has been a little bit all over the place, to say the least. A 9.70% drop here, a 6% surge there. But amongst all the panic there are good buying opportunities, and I think Metcash Limited (ASX: MTS) could be one.
What does Metcash do?
You might not have heard of Metcash, and it's not one that I often keep an eye on. However, you'd have to be living under a rock to not have noticed the panic buying in Aussie supermarkets right now.
Coles Group Ltd (ASX: COL) is one of those ASX 200 shares that could see earnings rise as a result of the COVID-19 outbreak. But beyond just the big name supermarkets sits Metcash.
Metcash is a conglomerate with business interests in a variety of Aussie retail. If you've heard of IGA, Mitre 10 or Home Timber & Hardware, these are all Metcash businesses.
I think Metcash could be right in the buy zone while many ASX 200 shares are under pressure. It looks like the Australian food supply chain isn't under threat right now. That's good news for shoppers and anyone who might be in self-quarantine. It's also good news for investors hunting for an ASX 200 bargain.
Why is Metcash one of my ASX 200 shares to buy?
All of this supermarket spending has to hit someone's bottom line. That could well be Metcash, and its share price is moving as a result. Despite a 26.97% surge in yesterday's trade, I think Metcash has further to go.
It's easy to be bearish on ASX 200 shares at a time like this. But I think it's better for everyone to stay positive, both in and outside of the share market. You can still find bargain buys right now, like these 3 cheap ASX 200 shares that I'm keeping an eye on. I'd put Metcash on that watchlist as the government response starts to take shape.
