Well, it’s turning into a pretty welcome end to the week for ASX shares after a week of multiple market falls. The S&P/ASX 200 Index (ASX: XJO) is currently up a robust 1.21% and back over 7,100 points. But the Zip Co Ltd (ASX: ZIP) share price is faring even better.
Zip shares are currently up by a pleasing 6.3% at 92.5 cents each. That is well up from yesterday’s closing share price of 87 cents, which was also a new 52-week low for Zip.
Why are Zip shares zipping higher?
Well, we can’t say for sure. There hasn’t been any major news or announcements out of the buy now, pay later company today.
But what we do know is that ASX tech shares of most shapes and stripes are having a very pleasing day of gains this Friday.
The S&P/ASX All Technology Index (ASX: XTX) itself has risen by around 3.6% so far this Friday. And individual shares are doing well too. Take Altium Limited (ASX: ALU). Its shares are up by 6.5% so far today. Block Inc (ASX: SQ2), the new owner of Zip’s old rival Afterpay, is currently up by 9.2%.
These moves follow some big shifts in US tech shares overnight. US BNPL share Affirm Holdings Inc was up 5.15%, as was payments company PayPal Holdings Inc.
So it’s likely that the rise in the Zip share price today is just part of this trend back into tech shares on the ASX. And after Zip’s horror day yesterday, when it lost almost 4%, it will no doubt come as some sweet relief for investors.
At the current Zip share price, this ASX BNPL share has a market capitalisation of $628.85 million.
The post The Zip share price is rocketing 6% today. Here’s why appeared first on The Motley Fool Australia.
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More reading
- ASX 200 midday update: BHP, IGO, and Woolworths charge higher
- 5 things to watch on the ASX 200 on Friday
- Here are the top 10 ASX shares today
- Has the ANZ dividend been growing?
- These 3 shares are topping the ASX 200 volume charts on Thursday
Motley Fool contributor Sebastian Bowen has positions in PayPal Holdings. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Affirm Holdings, Inc., Altium, Block, Inc., PayPal Holdings, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended PayPal Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://www.fool.com.au/2022/05/20/the-zip-share-price-is-rocketing-6-today-heres-why/
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