Australia's Zip set for longest weekly run of gains in over 2 years

Asia Pacific Telecom Co

12/02/2021 24:07

** Zip Co Ltd  Z1P.AX  is set to add about a quarter in
value this week, the buy-now-pay-later firm's best showing since
reporting strong Q2 numbers in the five-days ending Jan 22
    ** It will mark a 7th straight week of gains, the longest
run since the start of 2018
    ** Zip has been on a tear this year after reporting strong
U.S. growth, boosted further by a recent report that it is
looking to tap further U.S. investment  urn:newsml:reuters.com:*:nL4N2KG52Y
    ** Stock up as much as 2.6% to A$11.06 on Friday, but last
up 0.1%. but clawed back most gains to trade 0.1% higher
    ** With more than A$3 bln ($2.32 bln) added so far this year
taking Zip's market value to over A$6 bln, it is still dwarfed
by ~A$45 bln larger rival Afterpay  APT.AX  
    ** APT down 0.1%, but set for a second straight week of
gains
    
($1 = 1.2905 Australian dollars)

 (Reporting by Nikhil Kurian Nainan)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))