Jumia (NYSE:JMIA) is seeing its stock soar Friday, up nearly 8%. But without any recent news or press releases from the e-commerce company, what is behind the rise in JMIA stock?
Even without any recent news, investors should still keep Jumia on their radars. This is especially true because of the company business model. Essentially, many investors see Jumia as the next Amazon (NASDAQ:AMZN). The popular company facilitates an online marketplace for electronics, fashion and various other goods in Africa. Additionally, it operates a logistics service. And because of its e-commerce potential, JMIA stock is up more than 500% in 2020.
Thankfully, InvestorPlace writers and contributors have already pulled together a wealth of information on Jumia. Check out this extensive coverage below:
The Bottom Line on JMIA Stock
So what else do you need to know about Jumia today? Importantly, investors should not understate the importance of the e-commerce catalyst in 2020. Just as we have seen with Amazon, bulls have turned to JMIA stock to profit. This is for a variety of reasons, but also largely thanks to the appeal of online shopping in a pandemic year. Also, as many of our InvestorPlace writers have highlighted, many experts see companies in Africa as the latest chance to profit. Importantly, Jumia continues to experiment, innovate and adjust its business model.
While it is not entirely clear why Jumia is on the move today, investors should keep this company on their watch lists.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.Â
Sarah Smith is a Web Content Producer with InvestorPlace.com.Â