** Shares of Wesfarmers WES.AX set for best weekly performance since mid-August, rising 5.2% so far
** On the day, shares up 3.4% at A$74.74 - highest level in 6 weeks; discretionary stocks .AXDJ gain 2%
** Australian conglomerate said its loss-making online retailer, Catch, will cease to operate as stand-alone entity in Q4
** "The recent increase in competitive intensity in the Australian e-commerce sector has affected Catch's financial performance and growth prospects" - Managing Director
** Expects to record one-off costs associated with wind down and transition of Catch of between A$50 mln ($31.58 mln) and A$60 mln, to be included in 2H results
($1 = 1.5833 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru)
((Sneha.Kumar@thomsonreuters.com;))
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