Domino’s, the big player in Australia’s pizza world, is under pressure from a reported pizza war.
The Sydney Morning Herald says Domino’s Pizza cut the price of its value range pizzas to $4.95, a move the company describes as “never before seen on the pizza landscape”.
Pizza Hut replied by matching the $4.95 price tag but also capping the cost of its most expensive pizza at $8.50.
Domino’s is listed on the ASX and has a 13.4% market share with revenue of $467 million.
Michael McCarthy, chief market Strategist at CMC Markets, says Domino Pizza fell on news of a new “pizza war”.
Domino’s closed today at $20.68, down $0.10 or about 0.48%.
The rest of the Australian market started the week with a whimper, rather than the bang expected from a strong US market performance on Friday night.
The S&P/ASX 200 closed at 5,543.10, just 11.44 points up or about 0.21% firmer.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.