The S&P/ASX 200 Index (ASX: XJO) went up another 0.3% today to 6,562 points.
Here are some of the highlights from the ASX:
Zip Co Ltd (ASX: Z1P)
Buy now, pay later business Zip released a trading update for the first four months of FY21.
Zip said that it continued to deliver record results across all regions.
The company said that its revenue in the 2021 financial year to date was $96.7 million, which was an increase of 91% compared to the prior corresponding period. The month of October saw revenue of $27.6 million.
When including Zip’s business segment, total revenue was $100.2 million, with $28.4 million of that generated in October.
Zip delivered record transaction volume in October of $401.1 million, which was 104% higher than the prior year. Zip’s transaction volume is now annualised at $4.8 billion.
Customer numbers increased 109% to 4.8 million and global merchants rose by 74% year on year to be more than 36,500.
Zip US, under the QuadPay brand, saw growth accelerate after the first quarter of FY21. October was a record across all key metrics with $160.6 million in transaction volume (up 200% year on year), $11.4 million in revenue and more than 2.5 million customers.
The company said that it became the first buy now, pay later business to launch a Chrome Extension, which will allow customers to pay later on any website utilising unique virtual card technology alongside a Google plug-in.
In Australia, monthly arrears – a forward indicator of future losses – reduced from 1.33% in June to 0.89% in October.
Larry Diamond, the CEO and managing director of Zip, said: “All regions are trading very strongly, and the US is now seeing more than 15,000 downloads per day.
“Whilst online trade is expected to be very strong this year, and Zip will enjoy its share, this season Zip expects to significantly lift its instore volumes. Our partnership with Visa and access to Apple Pay and Google Play wallets, unlocks everyday spend, providing our customers with more utility and choice. Zip is well on its way to becoming the first payment choice everywhere and every day.
The Zip share price went up 0.3% today.
Crown Resorts Ltd (ASX: CWN)
Casino business Crown announced how its operations will look with the latest Victorian changes to restrictions.
The ASX 200 casino business said that Crown Melbourne now has a total capacity limit of 1,000 patrons with a maximum capacity limit in each indoor space of the lesser of 150 patrons or the number permitted by the density requirement of one person per four square metres.
Crown is allowed to commence the operation of its table games. There must be physical distancing between patrons and there must be the deactivation of every second electronic gaming machine and electronic table game. There must be a COVID-19 marshal present. The entertainment complex must also have enhanced hygiene protocols.
The business expects to commence operating under these new directions from Wednesday, 25 November 2020. Crown Metropol Melbourne is expected to re-open on 1 December 2020.
The Crown share price went up around 1% in reaction to this news.
Ampol Ltd (ASX: ALD)
Ampol announced today the completion of its property transaction for net proceeds of $635 million. This was higher than the previous guidance of approximately $612 million because of lower than estimated transaction costs.
Management decided to launch an off-market buy-back of $300 million.
Ampol CEO and managing director said: “We have delivered on our stated 2019 plan to unlock value through network optimisation and I am pleased the completion of the property transaction will further strengthen our balance sheet while allowing us to return capital and released franking credits.”
The Ampol share price went up around 3% in reaction to this news.
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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has recommended Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.