Business
Why the Mosaic (ASX:MOZ) share price is rocketing 23% today
Shares in Mosaic Brands Ltd (ASX: MOZ) are entering the stratosphere today after the company reported a positive trading update for the first half of FY21. During the first 30 minutes of trade, the Mosaic share price hit an intraday high of $1.19.
Some profit taking has, however, since led the company’s shares to retreat to $1.08 (at the time of writing), up 22.73% for the day so far.
What’s driving the Mosaic share price?
The Mosaic share price is shooting the lights out today after the clothing retailer advised it has returned to a path of profitability following a robust performance for the first half of FY21.
For the period ending 27 December, Mosaic delivered online sales growth of 31% on the prior corresponding period….
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