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Supermarket backing sends Fitbug shares running riot
FITBUG, a little-known Aim-listed firm that makes wearable fitness trackers, saw its shares rocket more than 350 per cent yesterday, after revealing that Sainsbury’s and a leading US retail chain would begin stocking its products next month.
The Fitbug Orb (pictured), which retails for £49.95 and connects to a smartphone app to track daily routines and nutrition, will be sold in 293 Sainsbury’s supermarkets from 9 November and all 1,800 Target stores in the US.
Fitbug’s shares soared from 0.37p to 1.7p yesterday on news of the deal, the company’s largest distribution deal to date, pushing its market valuation from £630,000 to over £3m.