The Kogan.com Ltd (ASX: KGN) share price is soaring on Tuesday despite the company’s silence.
At the time of writing, Kogan’s shares are trading for $5.54, 3.55% higher than their previous close.
Let’s take a look at what might be driving the online retailer’s stock higher.
Kogan’s stock is in the green today, for the first day since last Wednesday.
However, the Kogan share price plunged 4.1% yesterday and 4.4% on Friday. Thus, today’s gain could be the market correcting itself after the unexplained sell-off.
Additionally, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) has spent most of today in the green.
Meaning some of Kogan’s retail peers are also outperforming the broader market.
Like the Kogan share price, Temple & Webster Group Ltd (ASX: TPW) and Dusk Group Ltd (ASX: DSK) are recording better-than-average performances. They’re gaining 0.69% and 3.67% respectively. Though, most ASX retailers are in the red today.
Additionally, the pureplay online retailer might be being lumped in with the tech sector on Tuesday.
Right now, the S&P/ASX All Technology Index (ASX: XTX) is up 0.11% while the S&P/ASX 200 Info Tech Index (ASX: XIJ) has gained 0.06%.
Though, today’s boost hasn’t been enough to get the Kogan share price back into the long-term green.
It’s currently down 35% year to date. It has also fallen 57% since this time last year.
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