German financial services company Wirecard AG’s share price skyrocketed some 196% within the first 30 minutes of trading on Monday 29 June 2020, giving the stock a much-needed respite after last weeks massive sell-off.
The troubled payments solutions provider saw its shares open the session at 1.70 a share nearly 31% higher than last Fridays closing price of 1.30, before rallying further to an intraday high of 3.85 at 09:30 CET.
Evidently, the sudden spike had not been predicated on any company announcements, major analyst reports, or market sentiments.
This had prompted some news outlets to report the spike as a dead cat bounce. A dead cat bounce is defined as a temporary recovery in markets after a substantial fall, caused by specul…