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Zip (ASX:Z1P) share price soars 9%

The Zip Co Ltd (ASX: Z1P) share price jumped 9% today, making it one of the biggest gains recorded in the ASX 200 (ASX: XJO). 

The Zip Co Ltd (ASX: Z1P) share price jumped 9% today, making it one of the biggest gains recorded in the ASX 200 (ASX: XJO).

Why did the Zip share price rise so much?

There was no official news released today by the business. Recently it announced a partnership with JB Hi-Fi Limited (ASX: JBH).

But it has been a strong day for growth shares and particularly the buy now, pay later sector. The Afterpay Ltd (ASX: APT) share price went up 10%, the Sezzle Inc (ASX: SZL) share price rose 9.1%, the Splitit Ltd (ASX: SPT) share price went up 15%, the Openpay Group Ltd (ASX: OPY) share price rose 6% and the Ioupay Ltd (ASX: IOU) share price went up 5.2%.

Afterpay and Zip are not exactly the same business, but investors may be thinking that a strong US update from Afterpay could spell good news for Zip as well.

Afterpay reported its US customer base was 35% higher than August 2020, whilst traffic to Afterpay’s brand partners was also “strong”. It said that it now has more than 16 million customers in the US and a total of 75,000 global retail merchants.

Is it time to jump on Zip shares?

The Zip share price has fallen significantly since the middle of February 2021, but a lower price doesn’t necessarily mean it’s great value. There are plenty of ASX growth shares that are already making large profits and fit the Rask investment philosophy much better.

$50,000 per year in passive income from shares? Yes, please!

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So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

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Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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