Sector Update: Consumer Stocks Rise in Afternoon Trading

MT Newswires Live09-24

Consumer stocks were advancing Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 0.8%.

In corporate news, General Motors (GM) plans to lay off 1,695 workers at its Fairfax assembly facility in Kansas, Reuters reported Saturday. GM shares dropped 2.5%.

Kaival Brands Innovations (KAVL) shares surged 125% after the company said it and Delta Corp Holdings signed a merger-and-share exchange agreement under which both companies will become subsidiaries of a newly formed Cayman Islands holding firm.

Miniso (MNSO) shares tumbled 19%. The company on Monday agreed to buy a stake in Yonghui Superstores to become the largest single shareholder in the Chinese retail chain operator.

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