Australian buy-now-pay-later firm Zip set for best week in nearly 5 months
22/01/2021 03:44
** Zip Co Ltd Z1P.AX set for best week since the one ended
Aug. 28, supported by strong Q2 numbers
** Zip climbs 1.1% to A$7.45 on Friday - faring better off
than the sharp losses by its buy-now-pay-later peers - though
after giving up strong early gains
** The broader market .AXJO is down 0.4%
** The BNPL firm surged 23.1% on Thursday after reporting
record transaction volumes and revenue in Q2 and strong growth
by its U.S. business urn:newsml:reuters.com:*:nL4N2JW0Y6
** Zip set to add over A$1 bln ($774.20 mln)in market value
over the week, taking its overall valuation to more than A$4 bln
** Co-founder Peter Gray told https://www.afr.com/markets/equity-markets/zip-boss-frustrated-by-stock-s-valuation-relative-to-afterpay-20210121-p56vs5
The Australian Financial Review on Thursday after their results
that the stock is undervalued compared to larger rivals such as
Afterpay APT.AX and Affirm AFRM.O
($1 = 1.2917 Australian dollars)
(Reporting by Nikhil Kurian Nainan)
((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))