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Posted: 2021-05-14 04:49:09

It’s been a week to forget for Australia’s buy now, pay later sector, but the likes of Afterpay, ZipCo, and Humm appear determined to close on a high note.

Afterpay bounced off a seven-month low this morning and was last 1.9 per cent higher at $86.10, keeping the technology sector narrowly ahead.

Friday’s rebound comes after the $25 billion company fell 5.3 per cent on Thursday to its worst price since October last year.

Zip co-founders Peter Gray and Larry Diamond.

Zip co-founders Peter Gray and Larry Diamond. Credit:Louie Douvis

Afterpay has still lost more than 10 per cent of its value this week and is down 26.8 per cent for the month of May so far, as the reemergence of inflation jitters whacks technology stocks.

Those concerns appeared to ease overnight - or at least fade into the background - as Wall Street investors flush with cash went on a buying spree.

Major rival Zip Co was also ahead on Friday afternoon, up 1.5 per cent to $6.81.

Like Afterpay, Zip has suffered this week.

The $3.7 billion company has lost 7.2 per cent so far, and is down 14.1 per cent in May. Zip has gained ground in just two of the past 12 weeks.

Humm Group is up 9.5 per cent to a near three-week high of 94.75 cents, snapping a three-session losing streak.

The company yesterday reported a strong third quarter, featuring solid BNPL transaction growth, more customers, and more merchants.

Sezzle was down 0.6 per cent at $7.06, Splitit rose 0.8 per cent to 62 cents, Openpay was 2.4 per cent ahead at $1.745, and Laybuy was flat at 65 cents.

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