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SM Entertainment Shares Spike on Girl Group Announcement as Music Stocks Post Big Gains Overall
SM Entertainment shares are up on the announcement of the company's new K-pop girl group and more music stocks news.
SM, home to such artists as Red Velvet and aespa, rose 13.8% to 78,400 won ($53.76) after news broke on Wednesday (Jan. 15) that the company will introduce a new girl group on Feb. 24. The 20-company Billboard Global Music Index rose 4.7% to 2,226.11, its second-highest mark since reaching 2,280.51 on Dec. 6 and the third-highest one-week gain in the last year. The only significant public development was Barclays’s announcement through a regulatory filing on Friday that it increased its stake in the radio giant by 513% in the third quarter.
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