Zip Co Ltd (ZIP.AU), the Australian buy-now-pay-later company, saw its stock price soar by 13.45% during intraday trading on Tuesday. The significant uptick comes in response to the company's announcement of its intention to undertake an on-market share buy-back program of up to A$50 million of ordinary shares.
The share buy-back initiative, revealed in a company statement, has sparked investor enthusiasm and confidence in Zip Co's financial position and future prospects. Such programs are often viewed positively by the market as they can lead to increased earnings per share and signal management's belief that the company's stock is undervalued.
This move by Zip Co comes at a time when the broader Australian market is showing signs of recovery after a significant downturn. The company's decisive action appears to have set it apart from its peers, attracting substantial buyer interest and contributing to the day's impressive stock performance.
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