Why Jumia Technologies Stock Sank Today
Jumia (NYSE: JMIA) stock saw a big pullback in Wednesday's trading despite bullish momentum for the broader market. The company's share price fell 5.6% in the daily session. Meanwhile, the S 500 and the Nasdaq Composite rose 0.4% and 0.9%, respectively. The stock had been down as much as 10.5% earlier in the session but regained ground as the day progressed.
While Jumia stock saw big gains yesterday despite bearish momentum shaping the stock market, it saw a big sell-off today even as investors took fewer risk-averse positions. The company's valuation surged yesterday thanks to a report that a buyout could be in the works, but shares moved lower today as investors weighed the news and looked deeper into reports the business could be acquired.
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Source Fool.com
