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Here’s Why Cineworld Shares Fell 6.55% Today

Cineworld logo
Simon Mugo

Shares of Cineworld Plc (LON: CINE) today fell 6.55% despite the cinema operator announcing a partnership with Alight Media UK, an outdoor advertising company to promote its cinemas.

Today’s move was part of a broader downward price trend that has seen Cineworld shares fall for five out of the past six sessions amid a lack of major fundamental catalysts to push the stock higher.

The cinema chain operator has reopened most of its theatres though some are yet to reopen and seems to be attracting large numbers of moviegoers to its theatres, be it for movie premieres or screenings of old movies.

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The firm continues to be weighed down by its massive debt burden and failed to establish a rally phase even after a Chinese tycoon bought shares in the company.

Cineworld shares surged higher after Liu Zaiwang acquired a 5.1% stake in the company.

Cineworld share price

Tradingview chart of Cineworld share price 08092020

Cineworld shares today fell 6.55% to trade at 55.56p having ended Monday’s session trading at 59.46p.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.