Why Jumia Technologies Stock Soared 42% in January
Shares of Jumia Technologies (NYSE: JMIA) soared 42.6% in January, according to data provided by S&P Global Market Intelligence. The stock was one of the top performers in 2020, up 500% last year alone. And investors remained enthusiastic in January, possibly because of positive news regarding the company's food-delivery business.
To be clear, news for Jumia was scarce in January, despite its market-crushing performance. But according to an article from Nigeria Communications Week, the company expanded its food-delivery service in Nigeria last month. It may have just been a coincidence, but the stock surged in the days following this development.
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Source Fool.com
