- In a year of lockdowns and falling consumer spending, the top spot in the world's best-performing national market has been taken, surprisingly, by a Danish jewellery maker and retailer.
"Hedge funds started leaving when Pandora showed signs that growth was coming back and it has had a ketchup bottle effect on the stock," said Per Fogh, an analyst at Sydbank."The short sellers have been out closing their positions and combined with the positive sentiment on growth, that has given the stock a big boost."
Pandora has not been immune to the pandemic's impact on sales, but investors have become more optimistic on the brand's recovery prospects, which started to gain traction before lockdowns began. Pandora, known for its charm bracelets, rings and necklaces, was started in 1982 and has a market value of about 47.5 billion Danish kroner .
Some analysts are also looking past the jewellery maker's prediction for organic sales to fall as much as 20 per cent this year, focusing instead on the year ahead.