Here's why Block Inc (ASX:SQ2) closed over 9% strong today

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Here's why Block Inc (ASX:SQ2) closed over 9% strong today

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Block (SQ2) share price
Image source: © Nerthuz | Megapixl.com

Highlights

  • Block shares marched higher today and ended the week on a positive note.
  • Furthermore, the ASX 200 Information Technology sector was the best performing sector today.
  • Block's share price on the ASX was impacted by a significant gain in the share price of Block on the NYSE.

The shares of Block Inc (ASX:SQ2) were spotted trading 9.577% higher at AU$127.22 per share at 3:42 PM AEST on the ASX today (20 May). Approximately 192,000 shares of Block were traded until now during today's trading session on the ASX today.

The share price of Block has fallen approximately by 28% on the ASX over the past 12 months. On the other hand, Block's year-to-date share price also fell slightly over 28% at 3:42 PM AEST on the ASX today (20 May).

What made Block share price zoom on the ASX today?

The company made no significant announcement on the ASX recently that could justify the upward march of the Block share price on the ASX today. However, the gain in Block's share price could be due to the performance of ASX 200 Information Technology sector on the ASX today.

The ASX 200 Information Technology sector is one of the best performing sectors on the ASX today. The S&P/ASX 200 Information Technology sector (ASX:XIJ) was spotted trading 4.325% higher at 1514.7 at 3:42 PM AEST on the ASX today.

Similarly, the share price of other major tech stocks like Zip, Xero and WiseTech also closed in green today. The share price of Zip Co Limited (ASX:ZIP) closed 5.459% higher, while the shares of Xero (ASX:XRO) and WiseTech (ASX:WTC) closed 2.732% and 2.462% higher on the ASX, respectively.

Read more: XRO, SQ2, WTC: How are these 3 ASX-listed tech stocks faring today?

Meanwhile, Block conducted an investor presentation in the United States on Wednesday, which has garnered investors' attention on NYSE. Therefore, Block Inc (NYSE:SQ), the company's primary US listing, closed significantly higher by 6.19% at US$87.14 per share yesterday (19 May).

Block's investor presentation was primarily based on how various components of its ecosystem will increasingly become connected and synergistic with time. We assume that this presentation must have impressed the investors and have made them predict a bright future for Block.  

Eventually, the share price of Block on the ASX also surged as the market opened for trading on Friday morning.

About Block:

Block Inc. is an ASX-listed global fintech company with a market capitalisation of AU$62.31 billion. The company is primarily involved with the development of tools that empowers businesses and individuals to participate in the national economy.

Block was formerly known as Square Inc. and was established in 2009. The headquarter of Block is located in San Francisco, United States. Block has recently acquired 100% shares of the buy now pay later platform Afterpay.

Read more: Block Inc (ASX:SQ2) shares plunge over 2% amid loss in 1Q22

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