Why is the Temple and Webster share price surging 11% higher today?

Happy couple doing online shopping.Happy couple doing online shopping.

The Temple & Webster Group Ltd (ASX: TPW) share price is rocketing 10.79% higher to $3.80 in afternoon trade on Friday.

Investors have pushed the share higher despite no news from the online furniture retailer.

Meanwhile, the S&P/ASX 300 Retailing Index (AXRTKD) is 0.6% down after posting gains this week.

What’s up with the Temple and Webster share price?

The Temple and Webster share price has leapt higher this week after coming off a down period, and is now up more than 19% since last Friday’s close.

Zooming out, and investors have been selling their positions since 31 August year.

Since then, the company’s shares have tumbled from a high of $14.71 to hit 52-week lows last week.

However, the ASX retail share found buyers at this level, which has seen it jump to its current price.

In broad sector moves, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) has also turned course this week and is lifting another 1% today. It has now gained more than 4% since last Friday’s close.

Investors look to have bought in at the sector’s lows, possibly chasing some cheap stocks with fundamental strength.

However, the Temple and Webster share price has a way to go to return to its former highs. It’s down more than 64% this year to date, and has slid more than 12% over the past month.

In the last 12 months, it has lost 63% of its value, bringing it back to January 2020 levels. This is best seen on a five-year chart, below.

TradingView Chart

The post Why is the Temple and Webster share price surging 11% higher today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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 Temple & Webster Group Ltd. The Motley Fool Australia has recommended 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.

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