A glove maker's stock has skyrocketed 1,000% since April, surpassing Tesla's gains
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Shares in Supermax, a Malaysian glove maker, have surged 1,000% since April as the pandemic continues to fuel sales of protective clothing.
Supermax rivals Kossan Rubber and Top Glove have also seen their stock prices rise by more than 180% in less than four months. The company's revenue rose 24% in the three months to March 31, boosting its pre-tax profit by 93% to the ringgit equivalent of $22.4 million, according to its third-quarter earnings report on Sentieo, a financial-research site.
The robust appetite for gloves, coupled with declines in the price of oil and raw materials, led to "bumper profits," they said.Mortgage rates fell below 3% for the first time ever this week, but it's not smooth sailing for homebuyers
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