- Zip Co Limited shares closed 6.896% higher at AU$0.930 per share on the ASX today.
- Friday turned out to be a gratifying day for technology stocks.
- Today, the S&P/ASX All Technology Index (ASX:XTX) was up 3.571% at 2128.300 points at 3:55 PM AEST.
Today, the share price of ASX-listed buy now, pay later (BNPL) company Zip Co Limited (ASX:ZIP) remained on investors' radar as the stock gained almost 7% and ended 6.896% up at AU$0.930 per share on the ASX. The company's share price jumped even though it did not issue any market-sensitive announcement on the ASX board today.
Nevertheless, one reason why the stock fared well today could be due to the overall performance of the Australian equity market. The Australian share market traded on a positive note on the last trading day of this week. The benchmark index ASX200 was up 1.147% at 7145.600 at 3:50 PM AEST.
Meanwhile, Friday turned out to be a pleasing day for technology stocks. The S&P/ASX All Technology Index (ASX:XTX) was up 3.571% at 2128.300 points at 3:55 PM AEST.
Nine of 11 sectors traded higher today, while Information Technology was the top-performing sector. Materials, Consumer Discretionary, Telecommunications Services, and other sectors led today's gains.
The S&P/ASX 200 Information Technology Index (ASX:XIJ) was up 4.559% at 1518.100 points at 3:01 PM AEST.
Zip Co Limited is a financial technology company which commands a market capitalisation of AU$597.91 million. In the last one year, Zip shares have fallen 86.79%, while the stock is down 78.52% year-to-date (YTD).
Image Source: © Andreypopov | Megapixl.com
A glimpse at the recent update by ZIP:
Last month, the fintech company announced its third-quarter results for the period ending 31 March 2022 (Q3 FY22). During this period, the company's revenue grew 39% YoY. During this period, Zip announced the proposed acquisition of the US BNPL operator Sezzle (ASX:SZL). The transaction is anticipated to considerably enhance Zip's scale and offering in the key US market, accelerating growth and delivering significant synergies. This will likely support the group's path to EBTDA profitability and positive cash flow during FY24.
Meanwhile, the shares of another BNPL operator Sezzle Inc. (ASX:SZL) closed 1.709% higher at AU$$0.595 per share on ASX. The share price of Sezzle Inc. has fallen 92.34%.