Why Jumia Technologies Stock Was Soaring This Week

Shares of Jumia Technologies (NYSE: JMIA) were catching fire this week as the African e-commerce company reported strong Black Friday results and benefited from a rebound in growth stocks. According to data from S&P Global Market Intelligence, the stock was up 26% for the week as of Thursday's close.

Image source: Jumia.

The big news out from Jumia this week was its Black Friday results. For the period of Nov. 5 to Nov. 30, the company said gross merchandise volume (GMV) was up 30%, easily outpacing third-quarter GMV growth in the single digits. Orders, meanwhile, were up 39%, showing the company is gaining traction promoting the American shopping holiday in Africa. 

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Source Fool.com