Shares of British online appliances retailer AO World (LON: AO) today spiked 14.22% higher after other retailers reported favourable sales numbers.
The stock’s rally was fueled by the upbeat figures reported by ASOS Group, which raised its full-year earnings forecast based on the positive sales figures reported in Q2 2020.
Investors were pleased with the fact that many consumers bought items that they could use during the COVID-19 lockdown period such as activewear.
It is highly likely that AO World will report upbeat earnings figures given that it sells home appliances, which are in high demand since most people are spending a lot of time at home.
Most people are looking to make their stay at home as comfortable as possible and are investing in home improvement projects, which typically include appliances.
AO World share price
AO World shares today rallied 14.22% higher to trade at 209.6p having closed yesterday’s session at 183.6p.