Shares in video game retailer GameStop and cinema giant AMC Entertainment Holdings – among others – sunk in New York on Thursday, after online brokerages including Robinhood and Interactive Brokers restricted trading following multiple volatility trading halts. Reddit-inspired retail investors drove the heavily-shorted stocks to huge heights earlier this week in a trading frenzy in the US. The wild movements, which have extended into London markets, has pitted short-sellers like hedge funds against retail buyers. Among the affected stocks, GameStop ended down 44pc, AMC down 57pc and Blackberry down 41pc. In UK stock markets, Prudential was the key drag on the blue-chip index on Thursday after the insurer said it was considering an equity raise of $2.5bn (£1.8bn) to $3bn. The funds would be used to grow its Asian investor base, improve financial flexibility and fund acquisitions. Shares slid 105p to £12.36, back to levels last seen in early December. It also announced plans to demerge Jackson Financial, its US business, in the second quarter. Prudential would retain a 19.9pc non-controlling interest “which the group would monetise over time to support investment in Asia” as part of a wider transformation into “a group focused on the high-growth opportunities of Asia and Africa”. The insurer said quarterly sales in Asia… Read full this story
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