Why the Wesfarmers (ASX:WES) share price has soared 24% in a year

Wesfarmers Ltd (ASX: WES) shares have proven to be among the ASX’s most dependable achievers over the past year, rising by more than 24%. Since its lows of 23 March last year, the Wesfarmers share price is up a staggering 87.5%.

This year alone, the industrial conglomerate has added more than 8% to its market capitalisation and has been clocking new all-time highs like The Flash over the past two months. As a point of comparison, the S&P/ASX 200 Index (ASX: XJO) is still down around 2.4% compared to where it was 12 months ago. So what is it about this ASX blue-chip share that has investors so eager to buy in?

What is Wesfarmers?

Wesfarmers is one of the most diversified large-cap businesses on the ASX. It owns many of…