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Tencent Music, Spotify & Other Streamers Lead Music Stocks as Legacy Broadcasters Fall Short
Spotify, Tencent and other streamers lead music stocks this week, while legacy broadcast companies finish at the bottom of the heap.
Anghami shares rocketed 56.8% to $1.74 this week and reached as high as $2.20 after a regulatory filing revealed that Saudi media company MBC Group had amassed nearly a 14% stake in the Abu Dhabi-based music streamer. The investment helped give Anghami some breathing room after the Nasdaq warned in October that the stock faced delisting for closing under $1 for the prior 30 days. Major indexes rose to new heights after the U.S. Federal Reserve indicated the central bank still expected three interest rate cuts in 2024 despite a recent increase in inflation.
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