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Cineworld Shares Surge 6.25% Extending 9-Day Win Streak

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Updated: 28 August 2020

Shares of Cineworld today rallied 6.25% higher extending their 9-day winning streak after the firm’s CEO said on CNBC’s Closing Bell that they had many sold-out shows since the lifting of COVID-19 restrictions.

Mooky Greidinger, Cineworld’s CEO said: “We were very pleasantly surprised with the numbers. People really missed the cinemas and wanted to go back into the big screen,”

Adding that:

“We had many shows that were sold out.”

He clarified that the sold-out shows were being measured according to today’s meaning of the term given the social distancing measures being implemented at all Cineworld theatres.

The company has reopened many of its UK and US cinemas and the interest from moviegoers has been quite high.

The lack of major blockbuster movie premieres has not stopped movie fans from going to Cineworld theatres to watch popular movies from the past.

The firm’s financial position remains shaky given its huge debt load, but it is trading at a significant discount to its previous highs, which presents a strong investment case.

Cineworld share price

Tradingview chart of Cineworld share price 28082020

Cineworld shares surged 6.25% higher after to trade at 63.90p having ended Thursday’s session trading at 60.14p.