ASX 200 midday update: Zip crashes, PointsBet tumbles

A man in trendy clothing sits on a bench in a shopping mall looking at his phone with interest as he reads about two ASX shares with 40% upside

A man in trendy clothing sits on a bench in a shopping mall looking at his phone with interest as he reads about two ASX shares with 40% upside

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on track to end the week on a high. The benchmark index is currently up 0.9% to 6,951 points.

Here’s what is happening on the ASX 200 today:

Zip shares sold off

The Zip Co Ltd (ASX: ZIP) share price rally has well and truly run out of steam on Friday. The buy now pay later provider’s shares have crashed lower despite there being no news out of it. Nevertheless, even with a 20% decline today, the Zip share price is still up over 150% since this time last month.

PointsBet tumbles

The PointsBet Holdings Ltd (ASX: PBH) share price has taken a tumble on Friday. This follows the release of the sports betting company’s fourth quarter update. PointsBet revealed that its total net win increased 41% year-on-year to $85.8 million for the quarter. This was driven by solid growth in both the Australian and US markets. It appears as though the market was expecting even stronger growth.

AVZ shares remain suspended

AVZ Minerals Ltd (ASX: AVZ) shares didn’t return to trade as planned this morning. Instead, the embattled lithium developer’s suspension has been extended for a further two and a bit weeks. This will mean that they have been suspended for over three months if they emerge from their lengthy hiatus next month on 15 August. AVZ is battling legal action from a Chinese company that claims it owns a stake in the Manono Lithium project.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the EML Payments Ltd (ASX: EML) share price with a gain of 7%. This payments company’s shares are rebounding after being smashed this week. The worst performer has been the Zip share price with a 20% decline on no news. This appears to be due to profit taking after some very strong gains.

The post ASX 200 midday update: Zip crashes, PointsBet tumbles appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments, Pointsbet Holdings Ltd, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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