Why Jumia Technologies Stock Soared Today

Shares of Jumia Technologies (NYSE: JMIA) climbed today; the African e-commerce stock caught a tailwind as tech stocks surged broadly, though there was no specific driver for the movement. The Nasdaq Composite Index finished the day up 2.5% as investors looked ahead to earnings season; they were also hopeful that lawmakers in the U.S. and Europe will approve new coronavirus rescue packages, which would help encourage consumer spending and provide a safety net for the global economy. Jumia has mostly missed out on the rally that has lifted global e-commerce stocks, including Amazon, MercadoLibre, Sea Limited, JD.com, and Alibaba Group Holding, though online retail has been booming across much of the world due to the impact of the coronavirus pandemic. Read More...