Netwealth Group Ltd (ASX:NWL) and Zip Co Ltd (ASX:Z1P) shares are making a splash on the ASX 200 on Thursday. Here’s why…
The post ASX 200 up 0.65%: Zip update impresses, Netwealth rockets, Cleanaway dumped appeared first on The Motley Fool Australia. –

ASX 200 shares

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.65% to 6,814.4 points.

Here’s what has been happening on the market today:

Zip update impresses

The Zip Co Ltd (ASX: Z1P) share price is rocketing higher today in response to the release of its second quarter update. The buy now pay later provider delivered a 103% increase in transaction volume to a record $1.6 billion for the quarter. While both the ANZ and US businesses performed positively, the latter was arguably the star of the show. Zip’s US-based QuadPay business recorded a 217% increase in transaction volume to $673.1 million. It also reported a 180% lift in customer numbers to 3.2 million and a 655% jump in merchants to 8,400 in the key market.

Netwealth growing strongly

The Netwealth Group Ltd (ASX: NWL) share price is also surging higher following the release of its second quarter update. As with Zip, the investment platform provider’s strong form has continued during the quarter. It reported a 14% or $4.8 billion quarter on quarter increase in its funds under administration (FUA) to $38.8 billion. In light of this strong form, management has upgraded its FY 2021 FUA inflow guidance to be in the range of $8.5 billion to $9 billion. This compares to its previous guidance of $8 billion.

Cleanaway CEO steps down

The Cleanaway Waste Management Ltd (ASX: CWY) share price is sinking lower today after it announced the exit of its CEO, Vik Bansal. According to the release, the board and Mr Bansal mutually agreed that it was the right time for Cleanaway to move forward under new leadership. Mr Bansal came under pressure last year amid allegations of misconduct in the workplace.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Zip share price with an 11% gain following its update. The Netwealth share price is close behind with a 10.5% gain following its release. The worst performer with a 7% decline has been the Cleanaway share price. This follows the aforementioned resignation of its CEO.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Netwealth and ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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