A: We commented yesterday in Shortlisted about Woolworths - I think they are attractive around current levels. The market has sold the stock down on disappointing sales growth numbers (slipping behind Coles) and further concerns around the Masters hardware business. That said, it has been a big fall – and that’s why I think there is now some value.

There is no direct relationship between a company’s share price and its dividend. There is a much stronger relationship between a company’s earnings and its share price. Notwithstanding all this, dividends are important to many investors, and while there is no direct relationship, dividends are a factor in some investors’ decisions to invest or not. With Woolworths, I think it is very unlikely that the current difficulties will lead to any dividend cut – so as the share price gets cheaper, it becomes more attractive to dividend conscious investors.