The Zip Co Ltd (ASX: Z1P) share price is gaining again today despite no news having been released by the company since late last month.
However, the buy now, pay later (BNPL) sector has been having a roaring week’s trade after Afterpay Ltd was handed a $39 billion takeover offer.
Right now, the Zip share price is 3.6% higher than its previous close. Shares in the BNPL provider are trading for $8.04 a piece.
That’s particularly impressive considering the S&P/ASX 200 Index (ASX: XJO) is just 0.35% higher, while the All Ordinaries Index (ASX: XAO) has gained 0.33%.
Let’s take a closer look at how Zip’s shares have been moving this week.
What’s up with Zip?
The Zip share price is among many ASX-listed BNPL shares having a great week.
Afterpay’s takeover offer, proposed by US financial services giant Square Inc, reinvigorated the BNPL sector which had previously been flat or struggling.
In fact, this week is the first time the market has seen large movements from Zip shares since the March tech selloff.
It’s spurred the Zip share price to gain between 7% and 9% every day this week. That’s led to a massive 18.98% boost since Monday.
Additionally, the Afterpay share price is now 32.48% higher than it was at Friday’s close.
At the same time, Sezzle Inc has gained an impressive 10% this week. Openpay Group Ltd is also 12% higher while Splitit Ltd has increased a whopping 26% since Monday.
Zip share price snapshot
The Zip share price’s gains this week have broken it out of an ASX slump.
It is now 40% higher than it was at the start of the year. It has also gained 25% since this time last year.
The company has a market capitalisation of around $4.4 billion, with approximately 562 million shares outstanding.