By 1058 AEST on Monday 3 July, LAU was down A$0.025 to A$1.115...

By 1058 AEST on Monday 3 July, LAU was down A$0.025 to A$1.115 on small volume of 110,835.

Given we ought factor retail investors taking profits now we've ticked over to a new FY, reflecting LAU's shares rise by an astounding 183.75 per cent in the last 52 weeks, market reaction to the W B Hunter stores acquisition (see separate 3 July announcement) seems slightly negative.

This may be a case of 'demonstrate to we holders in a year's time that the purchase has had a reasonable ROIC'.

Fair call by 'Mr Market' as he's always worried companies have a rush of blood and overpay for cyclical assets.

It's also the first acquisition by the new LAU CEO, so again, 'Mr Market' wants to see how it plays out and in the meantime may have his cynical hat on. He's a grumpy old sod on a walking stick who doesn't suffer fools, and recognises negativity immediately while delaying positive endorsements.

EOFY results will be the time to discover how many trucks and railable containers plus perhaps property assets LAU added from the sudden Scott's Refrigerated Transport collapse, and to see if consumer demand for fruit, vegetables and numerous other goods LAU carries domestically by rail and road has reduced.

Media asserts demand has declined. ABS statistics with their lag effect do not reflect this.

A positive is LAU reaffirming EBITDA will come in near the top of the previously flagged range.