In a week where we saw Tesco release a strong set of figures for the first half of 2021, with revenue increasing nearly 6% from £28.7 billion for the first six months of 2022 to £30.4 billion for the same time frame this year, the supermarket giant took second place on our most rising table.
However, it was Alibaba, the Chinese e-commerce company, that saw the biggest increase on our platform this week, with its price up by 11.92%. This follows the announcement that an agreement had been reached in principle between US President Joe Biden and China’s President Xi Jinping to hold a virtual meeting prior to the end of the year. The meeting presents an opportunity to improve communications between the world’s two largest economies, with the two having a combined share of nearly 40% of global GDP.
Further to this, General Motors also saw an increase of 10.11% on our platform this week, taking third place on our most rising table. The automotive manufacturer laid out a detailed plan regarding what the future of the company will look like, explaining how the organisation plans to double its annual revenue to $280 billion, up from the current $140 billion, by the year 2030. General Motors stated they’re attempting to achieve this through the production of electronic vehicles, as well as offering autonomous driving and electric car charging services.
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Sale by Glazers pushes down Manchester United
Elsewhere, Manchester United’s share price dropped dramatically to claim first place on our most falling table. The football clubs price fell by a whooping 17.36%, which was over 10% more than the nearest challenger (VXXB, which fell by 6.86%). This follows the club’s owners, the Glazer family, announcing that they’re putting 9.5 million shares up for sale, with a value of around $186.86m (£137.12m). The sale of these shares represents roughly 8% of the family’s overall combined ownership, meaning the Glazer’s now own 69% of the shares in Manchester United.
Social media giant Facebook’s price also fell this past week. The social networking website was hit by a major global service outage on the evening of Monday 4th October. This led to Instagram, WhatsApp and Facebook being down for a number of hours, resulting in Facebook taking third place on our most falling table.
It is also worth noting that the Nikkei 225 also made an appearance on this week’s most falling table, claiming fourth place. The stock market index for the Tokyo Stock Exchange had a tough week, with Japanese equities falling following market disappointment concerning the administration of Prime Minister Fumio Kishida, as well as due to a number of threats impacting the growth of the global economy, including ongoing concerns over the China Evergrande Group’s debt crisis.
Naeem Aslam is Chief Markets Analyst at AvaTrade.