Over the past two weeks, Whole Foods has rallied more than seven per cent, sending its market cap to $16.7 billion.
In doing so, Whole Foods also became larger than the Portuguese stock market, which has seen its free-float market cap decline more 70.1 per cent from highs set in 2007. The free-float method of measuring market cap is arguably a more accurate picture of market value.
In a note to clients, Bank of America Merrill Lynch Chief Global Equity Strategist Michael Hartnett highlighted the continued decline in Portugal, cut against strength seen at the organic supermarket.
Here’s what Hartnett’s chart looked like.