GM Shares Drop 1.2% Pre-Market on Oil Surge; 111 Capital Halves Stake
General Motors shares fell 1.21% and 1.81% pre-market as oil prices surged following Iran’s closure of the Strait of Hormuz, which handles over 27% of global crude flows. Meanwhile, 111 Capital cut its GM stake by 50.2%, selling 8,322 shares to hold 8,256 shares.
1. Oil-Driven Share Decline
General Motors shares slid 1.21% at market close and fell a further 1.81% in pre-market trading as global oil prices jumped. The surge followed Iran’s closure of the Strait of Hormuz, a route responsible for over 27% of the world’s crude shipments, heightening fuel cost and supply concerns for automakers.
2. 111 Capital Stake Reduction
Investment firm 111 Capital reduced its position in General Motors by 50.2%, selling 8,322 shares during the quarter and retaining 8,256 shares. The move marks a significant trim in exposure to the automaker, reflecting portfolio rebalancing or cautious sentiment on the stock’s near-term outlook.