Glove maker shares skyrocket due to new coronavirus strain

Glove maker Top Glove shares up 50 percent in two days On November 29, prices rose sharply by almost 30 percent, according to the stock exchange data.

Later, the price slightly decreased, growth in relation to the close of the previous day was about 21 percent. The securities rose in price at the auction on Friday, November 26, by 17 percent. In total, for two days, the price growth exceeded 50 percent.

Top Glove shares are rising after information about a new strain of coronavirus emerges. The first cases of infection became known on November 24. News of the emergence of the strain has hit global markets and oil prices. Investors fear new lockdowns and a slowdown in the global economy.

Press Secretary of the Russian President Dmitry Peskov said that the market's reaction is extremely emotional and “is not based on any scientific data, because they simply do not exist yet”. In his opinion, this is a short-term trend. Major European markets have recovered from the news by November 29th.