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Highlights:
- Tyro is one of the best performing stocks on the ASX200 today. The benchmark index S&P/ASX200 has ended 0.97% up at 6,889.70.
- Tyro Payments’ peers - Zip and Novatti also marked significant gains on the ASX today.
- Tyro had made headlines recently when the managing director and CEO resigned from his position.
Shares of Tyro Payments Limited (ASX:TYR) showcased an upward trend on Thursday (28 July 2022). The software and services firm’s shares closed 19.014% strong at AU$0.845 per share to become one of the top performing stocks on the ASX 200.
Despite recording this significant gain of around 19%, Tyro shares remain way behind from its 52-week high of AU$4.390 apiece.
Tyro is a fintech institution that offers specialised EFTPOS (Electronic funds transfer at point of sale) solutions, banking products and small business loans.
What’s behind the Tyro share price rise?
Image source: © Justmeyo | Megapixl.com
Today, Tyro has not shared any price-sensitive news that could lift its share price. It is likely following the broader market movement.
The S&P/ASX All Technology Index (INDEXASX:XTX) ended today’s session 2.266% strong at 2,127.195. The overall Australian stock market has marked significant gains today, tracking Wall Street that had witnessed an upbeat momentum in its last session.
Interestingly, Tyro is not the only software and service company posting gains today. Its peers are also generating significant gains. Zip Co Limited (ASX:ZIP) closed 22.580% stronger at AU$1.520 per share while Novatti Group Limited (ASX:NOV) closed 10% higher at AU$0.220 per share today.
Recent updates by Tyro
The fintech firm has committed to share the transaction value update on a weekly basis until it releases its full-year 2022 results. In line with its commitment, Tyro shared a weekly update on 25 July 2022.
According to ASX announcement, during the first half of the financial year 2023, the company observed a 46% (on a year-to-date basis) surge in the transaction value from the beginning of July till 22 July.
Almost a month back, Tyro’s managing director and CEO, Robbie Cooke, announced his resignation after serving the company for approximately five years. Cooke played a crucial role in driving the transaction value of the company, conducting the IPO and handling the challenges created by Covid-19-driven pandemic.
Historical share performance of Tyro
In last one month, the share price has increased 30% but has dropped by over 62% in last six months. In last one year, the shares have tanked by over 75%.
