Skip to content
Dwight Schrute playing ping pong

Game over for GameStop – Money Mate

ea87720920e077e11cda96e09d7c04cb

Game over for GameStop

97c396d3515d29c93c157bbed4ebfa5b.gif?r=1424298401

It’s game over for GameStop, while silver picks up the slackers and Wall Street plots its revenge.

The ASX closed at an 11-month high on Friday, gaining 3.53% for the week, as the market continued to ponder the effects of the GameStop phenomenon.

The online games retailer plummeted 86% over the past five days, shedding the artificial boost it got from all that social media-driven investment last week.

Meanwhile, silver reached an eight-year trading high on Monday as retail investors turned their attention to the precious metal.

Still, the financial empire is striking back, with US Treasury Secretary Janet Yellen meeting with top US financial regulators this week to figure out defences against so-called meme stocks.

The week as a chart

120fcc4e1ecf32e3548309a652476170.jpg?r=642651848

Want to see more charts?

Preorder Grafa now! 03cee2c5d9cec4cdcff16a925f9a5bda

Australian retail riding high

All of this is underpinning the explosive growth of the buy now, pay later sector, with Afterpay’s share price continuing its bull run.In crypto news, Bitcoin rebounded over US$38,000 after a stagnant start to the week.Analysts believe the 17% growth spurt was due to Elon Musk saying Bitcoin is on the edge of mass adoption.Ethereum reached a record high on Thursday and reported growth of 119% year to date.

ed37805a538a74c2464b778e6da1345f

Australia’s monthly online food spend approaching AUD$1billion

426c22661cf65a5ce7a81ab375266d61.png?r=1682222939
  • Australian online retailing worth AUD$8.7 billion in 2020.
  •  Online food retailing now accounts for 6% of total sales.
  • The online food segment grew 58% between 2019 and 2020.
The COVID-inspired digital transformation of Australia’s retail sector has seen a 58% increase in online food sales in the past year, with Australian households spending more than AUD$800 million a month on online grocery shopping, according to the Australian Bureau of Statistics (ABS). Online food sales, found within the grocery segment of ABS retail data, now accounts for 6% of total food sales across the country, which averaged more than AUD$12 billion on a monthly basis. The double-digit growth in the online food retail sectors, while exacerbated in part by COVID and enforced measures to limit foot traffic in shopping centres, has provided a near-term tailwind in terms of revenue growth for Australian food retailers. 620c98ffb2274c3d4194aa11586e0208

See more stories like this

download-the-app-today
0
    0
    Your Cart
    Your cart is emptyReturn to Shop
      Apply Coupon