Snap shares poised for third day of gains

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More snap-worthy news for Evan Spiegel and Bobby Murphy.

Shares in Snap, the owner of disappearing message app Snapchat, are poised for a third straight day of gains since the stock began trading on Thursday.

The California-based company’s shares were up more than 5 per cent to $28.43 in pre-market trading and have climbed nearly 60 per cent from their listing price of $17.

The strong demand for Snap shares come despite the company’s net loss swelling to $515m last year, up from $373m in 2015. Investors also appeared to be undaunted by the fact that stock offers no voting rights.

Wall Street has been bearish on the company with 5 “sell” ratings, 2 “hold” ratings and no “buy” ratings on the stock, according to Bloomberg data.

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