Tod's share price skyrockets after outflow of Ferragamo stock
today Aug 2, 2019
Tod's share price was decidedly on the rise yesterday, following an increase of more than 8% posted by the end of the July 31 trading day. The price climbed to the levels of November 2018.
According to a trader, the stock exchange boost enjoyed in the last few days by the luxury group owned by Diego Della Valle could be the outcome of sustained sales of Ferragamo shares.
At around 12.50 pm CET yesterday, Tod’s share price was up 2.71% to €46.22, after hitting its highest value since November 2018 at €47.88 euro. Trading volume was significant, with 138,000 units traded, as opposed to a 30-day single-session average of 56,000. Ferragamo’s share price instead lost 1.5% yesterday, on top of the -8% recorded the previous day in the wake of the quarterly results publication.
“The increase in Tod’s share price in the last few days might have been set off by some investors compensating between short and long-term positions held in Tod’s and Ferragamo,” said a stockbroker.
Last December, Diego Della Valle, president and CEO of the Italian group, announced the intention of buying up to 5% of the capital via a contract with French bank Credit Agricole, signalling his confidence in the group. At the start of 2019, he then went ahead with further purchases, independent of the deal with Credit Agricole.
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