Key points
- The Tyro Payments share price is currently up 3.46%, trading at $2.25
- The gain follows the release of the company's latest weekly trading update
- The broader ASX tech sector is also having a good session today, and payments-focused stocks are among its leaders
The Tyro Payments Ltd (ASX: TYR) share price is in the green on Monday after the release of the company's latest trading update.
The financial technology company facilitated around $648 million worth of transactions last week.
On top of today's seemingly positive update, Monday is shaping up to be a great day for ASX tech shares.
At the time of writing, the Tyro share price is $2.25, 3.46% higher than its previous close.
Let's take a closer look at what might be boosting the fintech's stock today.
What's driving the Tyro share price higher on Monday?
The Tyro share price is moving upwards today after the company released positive data on its recent transaction volumes.
Over the first four weeks of January, the company processed $2.443 billion worth of transactions – 36% more than it did over the same period in 2021.
In fact, over the course of January so far the company has, on average, processed approximately $610 million of transactions each week.
Additionally, it's facilitated around $18.3 billion worth of transactions since the start of financial year 2022.
At this point of financial year 2021, the company had only put through approximately $13.9 billion of transactions.
The broader ASX tech sector is probably also buoying the Tyro share price today.
Right now, the S&P/ASX 200 Info Tech Index (ASX: XIJ) is the best performing sector on the S&P/ASX 200 Index (ASX: XJO), boasting a 3.93% gain. Meanwhile, the S&P/ASX All Technology Index (ASX: XTX) is up 3.29%.
The market is being boosted by Tyro's fellow payment-focused companies Zip Co Ltd (ASX: Z1P), Block Inc (ASX: SQ2), and EML Payments Limited (ASX: EML). They are currently up 7.14%, 7.01%, and 4.2% respectively.
The tech sector's gains are likely, in part, a response to the 3.13% increase achieved by the Nasdaq Composite Index (NASDAQ: .IXIC) on Friday.
Unfortunately, despite today's gains, the Tyro share price is still 22% lower than it was at the end of 2021.
It has also fallen 10% since this time last year.
