The Zip Co Ltd (ASX: ZIP) share price is in the green for the first time in nearly a week despite the company’s silence.
At the time of writing, the Zip share price is $1.54, 4.93% higher than its previous close.
However, earlier today, it reached an intraday high of $1.58 – representing a 7.48% gain.
Its surge follows 3 consecutive sessions within which the stock tumbled more than 2.5%. In fact, before today the Zip share price hadn’t recorded a gain since last Wednesday.
So, what’s driving the buy now, pay later (BNPL) giant’s shares upwards on Tuesday? Let’s take a look.
What’s boosting Zip’s stock today?
It’s a good day for ASX tech shares, and BNPL giant Zip (though, technically not a tech share) is among the winners.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) has launched 3.52% higher at the time of writing. Meanwhile, the S&P/ASX All Technology Index (ASX: XTX) has surged 2.73%.
The ASX 200’s best performing tech stock on Tuesday is Block Inc (ASX: SQ2) – the owner of former market favourite and Zip competitor, Afterpay. It’s currently up 7.61%.
Zip’s takeover target Sezzle Inc (ASXL SZL) is also in the green today, rising 4.12% to trade at $1.39.
The broader tech market’s gains might be helping to drive the BNPL stock upwards.
Additionally, the Zip share price’s surge might be a market correction after it was dragged 10.91% lower over the course of Thursday, Friday, and Monday.
Zip share price snapshot
Unfortunately, today’s gains haven’t been enough to drag the Zip share price out of its recent slump.
Right now, the BNPL company’s share price is 64% lower than it was at the start of 2022. It has also fallen 79% since this time last year.
The ASX 200 stock is also trading a whopping 85% lower than its 52-week high of $10.61, which it hit in April 2021.