With continuing geopolitical conflicts, the financial markets are experiencing volatility, particularly the commodities market. Elsewhere, Groupon and Uber delivered strong returns.
On our most rising table*, Groupon witnessed a significant increase in its share price last week, reaching a new 52-week high.
In fact, the online commerce giant traded at a high level of $16.98 with 341,021 shares. This follows the company’s rating being moved from ‘sell’ to ‘hold’ by multiple organisations such as StockNews.com and The Goldman Sachs Group, attracting investors.
Elsewhere, Uber continued its strong recent performances. This follows last week’s announcement that the ridesharing giant delivered its first-ever profitable year in 2023.
Looking ahead, the company is anticipated to continue delivering strong returns in the coming years as Wall Street expects the stock to increase by up to 30% in 2024 alone, enticing traders.
Moreover, palladium bounced from its recent drop, with its price reaching the biggest one-day gain in two months. This recent strong rally can be attributed to investors covering their short positions after the metal increased to $932.14 per troy ounce.
Looking at our most falling table* last week, cocoa broke its strong rally and plummeted substantially in value. This is following long liquidation pressure which resulted in traders lightening up on their long positions on the commodity, leading to a fall in price.
However, due to unfavourable weather conditions in key cocoa-producing regions, such as seasonal Harmattan winds and inadequate rain in West Africa drying up cocoa fields, cocoa production is set to decline. This is set to drive the commodity’s price higher, which we expect to see reflected in the rising and falling in the weeks to come.
What’s more, natural gas’s price dropped to a near-three-decade low as the US is set for the warmest winter on record. As a result, the demand for the heating fuel notably lowered across the country leading to the plunging price of the commodity.
Shares of Manchester United also fell to a new record as the Glazer family, the majority owners of the club, claimed they would take the club off the market as they did not receive any offers that matched their asking price. As a result, investors have been discouraged from buying stocks in the club, leading to the decrease in value.
