Amazon shares soar after bumper holiday season

Amazon shares hit an all-time high this week as investors cheer what the world's biggest online retailer has described as a "record-breaking holiday season" for its delivery services, following a wave of last-minute online shopping before Christmas.

Amazon’s stock jumped 3 per cent on Tuesday to a record close of $693.97, though it retreated on Wednesday to end down 0.7 per cent and was trading fractionally weaker again yesterday at $686. Its shares are up 123 per cent this year as investors have been encouraged by rising profits thanks to its cloud business.

Amazon has benefited as more shoppers bought gifts from their laptops and smartphones, skipping trips to the mall and resulting in a more subdued Black Friday for brick-and-mortar stores.

From Black Friday through to Christmas Eve, overall US online sales grew 20 per cent compared with a year ago, while retail sales rose 7.9 per cent, according to MasterCard SpendingPulse, which tracks credit card transactions and consumer surveys.

– Copyright The Financial Times Limited 2015