Why Jumia Technologies Stock Skyrocketed 183.4% in July

Shares of Jumia Technologies (NYSE: JMIA) soared 183.4% in July, according to data from S&P Global Market Intelligence. The e-commerce specialist announced implementation for Airtel Money as a digital payments option across its platform, but it's unclear to what extent this factored into Jumia's soaring valuation. The small-cap company's stock appears to have benefited from market momentum and investor enthusiasm for potentially explosive e-commerce plays amid torrid growth for the overall industry.