Shares in recently-listed tech star Snap finally stop slipping to close up for the day

 
Hayley Kirton
Follow Hayley
Snapchat Parent Snap Begins Trading On New York Stock Exchange
Snap's shares are back in action (Source: Getty)

Shares in Snap finally snapped out of their losing streak today.

The Snapchat owner's shares, which floated last week, closed up 6.4 percent at $22.81, having fallen sharply during trading on Monday and Tuesday.

Part of the sudden drop was pinned on a group representing large institutional investors approaching index providers S&P Dow Jones Indices and MSCI late on Monday to seek to block the company, along with others that sell non-voting shares, from being added to the stock benchmarks.

Read more: Snap raises $3.4bn in biggest tech float since Facebook

Broker's coverage so far of the firm, which has admitted it might never turn a profit, has been less than glowing, with Needham slapping it with an underperform rating.

Last Thursday's float had initially seen the shares pop up 40 per cent, and the gains had continued into Friday.

Snap Snap | mobile image

Related articles