Here's Why Jumia Technologies Stock Gained 28% Today
Shares of Africa-focused e-commerce start-up Jumia Technologies (NYSE: JMIA) finished trading up 28.2% on January 16, with the biggest catalyst looking like word that the company was making some management changes. That news corresponded to a huge spike in trading and the share price late in the day, resulting in more than 7.6 million shares trading hands. That's seven times higher volume than typical for Jumia.
According to Business Daily Africa, Jumia has named Kenneth Oyolla as Chief Commercial Officer and CEO of Jumia's Ghana business unit. This news comes after the company reported after its third quarter that it would take a step back from some markets, in an effort to cut costs so that it could attain profitability more quickly.
Is Jumia stock starting to reverse its losses? Time will tell. Image source: Getty Images.
Source Fool.com
