The Kogan.com Ltd (ASX: KGN) share price is soaring on Tuesday despite the company’s silence.
At the time of writing, Kogan’s shares are trading for $5.54, 3.55% higher than their previous close.
Let’s take a look at what might be driving the online retailer’s stock higher.
Why is the Kogan share price gaining today?
Kogan’s stock is in the green today, for the first day since last Wednesday.
That’s despite the broader market spending today in the red. Right now, the S&P/ASX 200 Index (ASX: XJO) is down 0.63% while the All Ordinaries Index (ASX: XAO) has slumped 0.75%.
However, the Kogan share price plunged 4.1% yesterday and 4.4% on Friday. Thus, today’s gain could be the market correcting itself after the unexplained sell-off.
Additionally, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) has spent most of today in the green.
Meaning some of Kogan’s retail peers are also outperforming the broader market.
Like the Kogan share price, Temple & Webster Group Ltd (ASX: TPW) and Dusk Group Ltd (ASX: DSK) are recording better-than-average performances. They’re gaining 0.69% and 3.67% respectively. Though, most ASX retailers are in the red today.
Additionally, the pureplay online retailer might be being lumped in with the tech sector on Tuesday.
Right now, the S&P/ASX All Technology Index (ASX: XTX) is up 0.11% while the S&P/ASX 200 Info Tech Index (ASX: XIJ) has gained 0.06%.
Though, today’s boost hasn’t been enough to get the Kogan share price back into the long-term green.
It’s currently down 35% year to date. It has also fallen 57% since this time last year.
The post Why is the Kogan (ASX:KGN) share price leaping 4% today? appeared first on The Motley Fool Australia.
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More reading
- These are the 10 most shorted ASX shares
- Down 36% in 2022, should investors jump on the Kogan (ASX:KGN) share price?
- What’s the outlook for ASX retail shares like Kogan (ASX:KGN)?
- These are the 10 most shorted ASX shares
- Why Blackmores, BWX, Kogan, and Magellan shares are dropping
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Kogan.com ltd. The Motley Fool Australia owns and has recommended Harvey Norman Holdings Ltd. and Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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