It’s been a pretty tame day for the S&P/ASX 200 Index (ASX: XJO) thus far this Monday. At the time of writing, the ASX 200 is down by an anaemic 0.04% at just under 7,300 points.
But we can’t call what has happened to the Zip Co Ltd (ASX: Z1P) share price today anything close to tame.
Zip shares opened at $1.70 this morning after closing at $1.60 last week. That’s a pop of 6.25%, not bad! But it hasn’t been smooth sailing for Zip shares during today’s intra-day trading.
The buy now, pay later (BNPL) share is currently going for $1.62 a share, still up a healthy 1.2%. But then again, that’s less than a third of the gain we saw at market open.
So what’s going on with Zip today?
Zip share price: snap, crackle and pop
Well, we can’t be sure. The company itself hasn’t made any news or announcements to speak of so far today. Nor has it been directly affected by the latest round of ASX 200 (and other ASX index) rebalancing that went into effect today.
But if we look to some of Zip’s peers, it makes for an interesting contrast. So alongside Zip’s big moves today, we’ve also seen some major movements in both the Block Inc (ASX: SQ2) and the Sezzle Inc (ASX: SZL) share prices.
Sezzle shares are currently up a more enthusiastic 2.39% at $1.50 each. But it’s Block shares that have really taken off today. The Block share price is presently sitting at $184.9, up a very pleasing 9.5% so far today.
Block shares have consistently traded higher so far, while Sezzle has had a milder version of that ‘pop then drop’ that Zip has seen.
There’s not really a solid explanation for all of these sharp moves, other than to blame it on the inherent volatility that seems to permeate BNPL and tech shares like Zip, Block and Sezzle these days.
At the current Zip share price, the ASX 200 BNPL share has a market capitalisation of $1.07 billion.
The post Rollercoaster! Zip share price pops then drops appeared first on The Motley Fool Australia.
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More reading
- The ASX quarterly rebalance takes effect today. Here’s what you need to know
- ASX 200 (ASX:XJO) midday update: Hamish Douglass resigns from Magellan, Block jumps
- Block (ASX:SQ2) share price jumps 11% to new ASX high
- 2 leading ASX 200 shares to watch as fundies rebalance portfolios
- 5 things to watch on the ASX 200 on Monday
Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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