Round Hill Music Royalty Fund for $1.15 per share sent Round Hill shares soaring 64.4% on Friday , from $0.6875 to $1.13 per share. They finished the week up 62.6%, leading all music stocks by a wide margin.
. That puts Concord’s bid at a 9.7% discount to economic NAV — a vast improvement from the 46% discount the stock had been trading at before the deal was announced. Round Hill competitor Hipgnosis Songs Fund was also a beneficiary of Concord’s announcement. Shares of Hipgnosis rose 15.7% to 0.923 pounds on Friday, bringing the stock’s one-week gain to 16.8%.
No other music stocks had a double-digit gain, and just six others finished the week in positive territory. Twelve stocks lost ground this week and one stock, music streamer Anghami, was unchanged. French music streamer Deezer gained 6.8% and was probably helped by itsof a partnership with Universal Music Group to adopt a new system for calculating streaming royalties. Universal Music Group shares improved 3.8% to 23.52 euros .