Zip share price rockets 20% on $50 million buyback news
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The Zip Co Ltd (ASX: ZIP) share price is on fire today.
That will come as welcome news to stockholders who watched shares in the S&P/ASX 200 Index (ASX: XJO) buy now, pay later (BNPL) stock close down 7.4% on Monday at $1.19.
In morning trade on Tuesday, shares are swapping hands for $1.43 apiece, up 20.2%.
For some context, the ASX 200 is up 0.9% at this same time.
This strong performance follows news that Zip is launching a major share buyback.
Here’s what we know.
ASX 200 BNPL stock buying back shares
The Zip share price is surging after the company announced this morning that it intends to undertake an on-market share buyback of up to $50 million.
Management expects to commence the buyback around 23…
