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Christian Fund Is Cautious About Woolworths Stock After Spinoff

  • Australian grocer plans to divest gaming and pubs unit by 2020
  • Super fund seeks stronger alignment with its Christian values
A Woolworths supermarket in Sydney, Australia.

A Woolworths supermarket in Sydney, Australia.

Photographer: Brendon Thorne

Woolworths Group Ltd.’s plan to sever its ties with gaming and liquor might be enough for a faith-aligned pension fund to buy back shares in the Australian grocer. But not just yet.

For the first time in nine years, Christian Super Pty is considering buying stock in the nation’s largest supermarket chain, said Chief Investment Officer Tim Macready. Sydney-based Woolworths said it would spin off the businesses not linked to its main retail arm by 2020. The July 3 announcement sent the shares up as much as 4%, the biggest intraday gain since February 2017.