It's been a pretty bleak day for ASX shares so far this Monday. As it currently stands, the S&P/ASX 200 Index (ASX: XJO) has lost 0.54% of its value and is trading around the 6,450 point mark. But no one seems to have told the Temple & Webster Group Ltd (ASX: TPW) share price.
Temple & Webster shares are having an absolute cracker today. The online furniture retailer has exploded in value, rising a pleasing 11.25% to $3.56 a share at the time of writing.
Saying that, this move doesn't exactly erase the awful share price performance Temple & Webster has endured in recent weeks and months. Even after this dramatic move higher, the company remains down by 1.11% over the past five trading days and a nasty 20% over the past month.
Temple & Webster is also down a depressing 67.1% in 2022 thus far and a nasty 76.4% from the all-time high of $15 a share that we saw back in September last year.
But we digress. So what is behind this company's explosive performance this Monday?
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Why are Temple & Webster shares shooting the moon on Monday?
Well, we can't be sure. There haven't been any news or announcements out from Temple & Webster today. Or indeed, in June thus far.
But, as my Fool colleague Brooke noted this morning, ASX online retail shares seem to be collectively having a very positive day. Alongside Temple & Webster shares rising by 11%, we also see Kogan.com Ltd (ASX: KGN) shares gain an impressive 6% or so. City Chic Collective Ltd (ASX: CCX) shares have gained around 5%, while Accent Group Ltd (ASX: AX1) shares are up 3.35%.
So perhaps this is a reaction to the savage sell-off we saw last week. These kinds of companies saw some of the worst of the ASX's falls last week, with Temple & Webster even hitting a new 52-week low of $3.17 on Friday.
Perhaps value investors have decided in hindsight that these falls were too extreme and have decided to jump back in today.
Whatever the cause of today's market-bucking moves for online retail shares like Temple & Webster, it will no doubt be welcomed by investors.
At the current Temple & Webster share price, this ASX retailer has a market capitalisation of $429 million.
