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Investors switch gears and flock to GameStop
The start of 2021 has seen investors turn away from traditional favourites, with the now famous GameStop drawing global interest, new data has officially shown.
Investors switch gears and flock to GameStop
The start of 2021 has seen investors turn away from traditional favourites, with the now famous GameStop drawing global interest, new data has officially shown.
Stats released by trading platform eToro have put GameStop at the top of the trading ladder, after it became the number one traded company in the month of January.
Shares in the US brick-and-mortar video game company expanded by over 700 per cent in recent weeks, as amateur investors entered a tug of war on Wall Street.
But GameStop was not alone, with a flurry of retail activity pushing up underwear company Naked and software company Blackberry into the top 10 for the first time – leapfrogging enduring favourite Apple.
Commenting on the top 10 most bought stocks for January, Gil Shapira said incredible market volatility towards the end of January saw users adding new names to their portfolios.
“We continue to emphasise to all retail investors that it is vital to remember the basic tenets of investing: diversify and only invest in markets and instruments you are familiar with,” Mr Shapira said.
“While it is always important to invest responsibly, investors should pay particular attention to their actions now, when share prices are so frothy. This is the time to stick to the basics and ensure your portfolio is properly diversified.”
Pharmaceutical and tech stocks also remained popular with eToro investors month-on-month, with well-known companies continuing to occupy their position on the list.
While still a favourite, Amazon took a tumble from eighth in December to 18th in January. Chinese tech giant Alibaba followed a similar trend, sliding from fifth most popular stock to the 17th position.
“This point is very important as long-term investors nearly always have more resilient portfolios and are therefore much better placed to ride out volatile conditions,” Mr Shapira concluded.
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