Why Liberty Global Ltd (LBTYA) Skyrocketed On Wednesday

We recently published a list of These 10 Firms Blowing Up by Double Digits Today. In this article, we are going to take a look at where Liberty Global Ltd. (NASDAQ:LBTYA) stands against other firms blowing up by double digits today.

Ten individual stocks soared by double digits on Wednesday, outperforming a lackluster performance among Wall Street’s indices, thanks to the 90-day truce between the US and China that continued to boost investor confidence.

In contrast, Wall Street’s indices were mixed, with the tech-heavy Nasdaq growing 0.72 percent, followed by the S&P 500, up 0.10 percent. The Dow Jones declined by 0.21 percent.

In this article, we name Wednesday’s 10 best-performing stocks and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.

Liberty Global Ltd. (NASDAQ:LBTYA)

Liberty Global snapped a 10-day losing streak on Wednesday, jumping 7.6 percent to close at $9.77 apiece as investors resorted to bargain-hunting to take advantage of its cheap valuation.

Additionally, sentiment was buoyed by a statement from Liberty Global Ltd.’s partner, Telefonica, saying that it was satisfied with its joint venture with the former in operating Britain’s Virgin Media O2, and does not seek to take control of the latter.

“We’re very happy with the current situation. The joint venture is working very well, we don’t have any deal on the table,” Telefonica CEO Emilio Gayo was quoted as saying in a report by Reuters.

This came after news from Bloomberg that Telefonica was evaluating a potential purchase of part of Liberty Global Ltd.’s 50-percent stake in the former.

“We are working closely to find the best option to develop fibre in the UK and create value for VMO2,” he added.

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This article is originally published at Insider Monkey.