Tesla Shares Jump After 5-day Losing Streak and Jumia Shares Gain as Nasdaq Soars
On Tuesday, shares of American electric vehicle and clean energy company Tesla skyrocketed, closing up 19.64%. Tesla’s nearly 20% surge on Tuesday was the company’s biggest daily gain in a year.
Tesla was on a five-day losing streak that at one point wiped away almost $150 billion of the company’s market value.
Shares of Tesla rose after China reported car sales. The China Passenger Car Association (CPCA) said, in February, electric vehicle sales rose more than sevenfold from a year ago. The CPCA also said Tesla sold 18,318 Chinese made vehicles in February, up from 15,484 in January.
Shares of Tesla have fallen more than 4% this year.
On Tuesday, shares of African online retailer Jumia Technologies jumped, closing up 23.06%.
Shares of the online retailer jumped after the Nasdaq soared nearly 4% as technology stocks rebounded amid a decline in bond yields.
Jumia’s stock rose last month after it reported earnings, jumping 6.7% as earnings beat analysts’ expectations. However, Jumia still ended last month down 23% as the company got caught in the crossfires of the tech-sell off.
Last month, Jumia announced they would be expanding into the online food delivery business in Africa.
Shares of Jumia Technologies have gained over 17% in the past three months.
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