GAMESTOP RESURGENT AS ROBINHOOD EASES TRADING BAN

The army of small investors behind this week’s dramatic squeeze on Wall Street hedge funds returned to drive shares in GameStop and other hot companies higher on Friday as online broker Robinhood eased disputed trading restrictions, Reuters reported.

Shares in the video game store chain and headphone maker Koss Corp both doubled in early deals after slumping on Thursday when several online platforms imposed buying halts, sparking a backlash from investors, celebrities and policymakers.

Robinhood said on its website that it was easing the restrictions, but still not allowing purchases of fractional shares in GameStop and 12 other companies, effectively meaning smaller investors have to bet more in order to buy in further to the trade.

The website also showed the brokerage, which has said its hand has been forced by the surge in market volatility, was maintaining numerical limits on the number of shares any one account could hold in each of the companies, further hampering players with existing positions from betting on more gains.

The showdown between small-time traders and professional short-sellers has drawn the scrutiny of Congressional lawmakers, the White House, the Securities and Exchange Commission (SEC) and is being probed by the New York Attorney General. Global equity markets have also suffered as funds were forced to sell some of their best-performing stocks, including Apple Inc, to cover billions of dollars of losses.

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