Why did the Kogan share price jump 6% today?

A man sees some good news on his phone and gives a little cheer.

A man sees some good news on his phone and gives a little cheer.

The Kogan.com Ltd (ASX: KGN) share price was going in the right direction at last on Wednesday.

The struggling ecommerce company’s shares rose a sizeable 6% to end the day at $3.72.

Why did the Kogan share price race higher?

The Kogan share price was on the move today amid a rebound in the retail sector after some sizeable declines in recent weeks.

Several beaten down retail shares rose along with Kogan. This includes the following:

  • The Accent Group Ltd (ASX: AX1) share price rose 6%
  • The Baby Bunting Group Ltd (ASX: BBN) share price climbed 2.5%
  • The City Chic Collective Ltd (ASX: CCX) share price jumped almost 7%
  • The Temple & Webster Group Ltd (ASX: TPW) share price rose 2.5%

These gains appear to have been driven by bargain hunters picking up shares rather than anything sector specific.

After all, even after today’s strong gain, the Kogan share price is down 57% since the start of the year.

It is a similar story for the others listed above, with Accent down 44% in 2022, Baby Bunting down 25%, City Chic down 54%, and Temple & Webster down 57%.

Shareholders will no doubt be hoping that today’s gains represent an inflection point for their shares and it is onwards and upwards from here.

The post Why did the Kogan share price jump 6% today? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Kogan.com ltd and Temple & Webster Group Ltd. The Motley Fool Australia has positions in and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Accent Group, Baby Bunting, and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/M2bcmZ8

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