Stock in Elon Musk's Tesla has soared to its highest level in two years as investors bet on benefits from the CEO's close ties to president-elect Donald Trump.
Reuters reports investors are piling into bullish options bets on Tesla shares, sending its stock price soaring to its highest level since April 2022.
Traders are betting on Musk's links to Trump benefiting the electric car manufacturer.
When the markets closed on Monday, Tesla shares were up 8.96% at $350.
Reuters reports Tesla's contracts were the most heavily traded options on individual stocks on Monday, with 2.5million contracts changing hands by noon - more than twice the usual pace, according to Trade Alert.
Steve Sosnick, chief strategist at Interactive Brokers, told Reuters: "It's euphoric. Tesla is by far the most active option at our shop."
FTSE 100
The UK's flagship share index, the FTSE 100, was up 21-points at 8,093 shortly after opening this morning.
Brent crude oil futures were up 0.14%, trading at $71.93 a barrel.
Companies reporting today
3i Infrastructure | Half Year Results |
AstraZeneca* | Q3 Results |
ConvaTec Group | Trading Statement |
DCC | Half Year Results |
Grafton Group | Q3 Trading Statement |
Oxford Instruments | Half Year Results |
Renewi | Half Year Results |
Shopify* | Q3 Results |
Vodafone* | Half Year Results |