Afterpay's $29 bln sale that keeps on giving: Aussie BNPL stocks extend gains

Asia Pacific Telecom Co

03/08/2021 04:25

(Updates)
    ** Buy now, pay later (BNPL) stocks extend gains into a
second session as Afterpay  APT.AX  soars as much as 15%
    ** The jump start on Monday was primed by the $29 bln
takeover of APT by Jack Dorsey's payments firm Square Inc  SQ.N 
 urn:newsml:reuters.com:*:nL1N2P80L9
    ** Zip Co Ltd  Z1P.AX  gains a further 8.4%, adding on a 9%
jump on Monday  
    ** Citi says the Afterpay-Square deal increases the takeover
appeal of Zip, especially given its growing U.S. business 
    ** Analysts have said further consolidation is possible in
the BNPL space
    ** Overnight, Affirm  AFRM.O  rose 14.9%, while SQ ended
10.2% higher
    ** APT had gained 18.8% on Monday trading at its highest
volumes in a year
    ** Since Friday, APT has added over A$10.24 bln in value 
    ** Sezzle Inc  SZL.AX , which is set to list in the U.S.,
climbs 2.7%

($1 = 1.3570 Australian dollars)

 (Reporting by Sameer Manekar and Nikhil Kurian Nainan in
Bengaluru)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))