“Shareholders see it as a positive sign - it’s a good endorsement[from] one of Australia’s most prominent businessmen,” said Saxo Bank Australia market strategist Jessica Amir.

As the explosion in COVID-19 cases keeps workers in isolation for days as they wait on test results and small businesses are forced to shut their doors,Forrest’s purchase of 20 million shares in a dairy company looks like a secure investment in the face of another potential dip in the economy,Ms Amir added.

“We’ve been seeing this for the past six months,investors have been moving their portfolios to more defensive plays - healthcare,staples,fruit and veggies - things people need regardless of what’s going on in the economy,” she said. “His move today brings that to the surface.”

A week ago,Bega Cheese’s share price tanked by more than 12 per cent after publishing a sour trading outlook that outlined a raft of issues that would hit its profitability in the 2022 financial year.

“These impacts have been extensive and significant ranging from market disruption in Australian food service channels as a result of lockdowns,structural change in the Chinese infant and toddler dairy nutritional market,significant operational disruption including factory shutdowns,major changes to operations and logistics scheduling,increased safety and testing regimes,major cost increases and shortages across the entire supply chain,” Bega stated.