The Zip Co Ltd (ASX: ZIP) share price has surprisingly avoided the market sell-off on Friday.
In afternoon trade, the buy now, pay later (BNPL) provider's shares are up 6% to 53.5 cents.
As a comparison, the ASX 200 index is down 2.2% at the time of writing.
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What's going on with the Zip share price?
Today's gain by the Zip share price is a bit of a mystery. However, it is worth noting that this outperformance isn't exclusive to Zip's shares.
For example, the Openpay Group Ltd (ASX: OPY) share price is up a whopping 20% today and the Sezzle Inc (ASX: SZL) share price is up 2%.
This is despite there being no real industry news to speak of, other than Latitude Group Holdings Ltd (ASX: LFS) bailing on its plan to buy the BNPL business of Humm Group Ltd (ASX: HUM).
What could be driving its shares higher?
Investors may believe that ASX BNPL shares have been oversold in recent weeks and have decided that now is the time to pounce.
After all, despite their gains today, year to date, the Zip share price is down 88%, the Openpay share price is down 70%, and the Sezzle share price is down 90%.
Time will tell if they hold onto today's gains.
