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Highlights:
- Kogan share price displayed volatility in its movement on Thursday as it peaked up to AU$4.48 apiece during early morning trading hours while marked losses towards the closing.
- Benchmark S&P/ASX 200 Consumer Discretionary sector ended 0.438% higher at 2,913.4 points on 4 August 2022.
- Kogan share price has gained 33.55% in last one month on the ASX.
Shares of Kogan.com Ltd (ASX:KGN), on Thursday, were perfect example of what is called volatile movement. The shares went on to gain significantly during the early trading hours. At 10:10 AM AEST, Kogan shares were trading at AU$4.48 per share. However, the stock closed at AU$4.100 per share, down 3.073%.
Meanwhile, the benchmark index, ASX 200 Consumer Discretionary (INDEXASX:XDJ) ended 0.438% higher at 2,913.4 points.
Why was Kogan gaining in the morning?
No price-sensitive news came from the company’s side today however it is likely that Kogan shares were tracking the broader market movement.
Kogan’s peers also managed to register some gains on the ASX today. Temple & Webster Group Ltd’s (ASX:TPW) shares closed 3.648% at AU$4.830 per share. Adore Beauty Group Limited (ASX:ABY) ended 3.806% up at AU$1.500 per share. Myer Holdings Limited (ASX:MYR) shares surged 9.090% to end at AU$0.480 apiece today.
Kogan was hit last month. Here’s why
The share price of Kogan has gained 33.55% in last thirty days on the ASX. The company shared a business update on 28 July 2022 as per which though the company recorded 0.1% rise in gross sales. Another positive financial metric shared by Kogan was a 210% increase in Kogan’s first members to more than 372,000. In addition to this, the company reduced its inventories from AU$227.9 million in FY21 to AU$161.1 million in FY22.
About Kogan.com
Australian eCommerce pioneer, Kogan.com is a retail company with a growing portfolio in service and retail businesses. It was established in 2006 with the intent to revolutionise the supply chain and provide consumer products at an affordable price. As per the company’s website, the success of the company is built on digital efficiency and off technology to offer in-demand services and products that are accessible and affordable.
The service and retail portfolio of Kogan includes Mighty Ape, Matt Blatt, Kogan Energy, Kogan Cars, Kogan Money, Kogan travel, Kogan Insurance, Kogan Internet, Kogan mobile, Kogan marketplace and Kogan retail.
