Zip Co Ltd (ZIP.AU) saw its stock price plummet by 5.02% during Thursday's trading session, continuing a downward trend despite recent positive developments for the company. This sharp decline comes in the wake of broader market volatility that has been affecting various sectors.
The buy-now-pay-later company recently announced a significant partnership with GameStop Corp., becoming their primary pay-in-installments service in the United States. However, this positive news has failed to buoy investor sentiment. Over the past week, Zip Co's shares have dropped by 16%, reflecting ongoing concerns about economic uncertainties and their impact on stock valuations.
Market analysts attribute the continued sell-off to several factors. The anticipation of President Trump's tariff announcements has created unease among investors, leading to fluctuations across multiple industries. Additionally, while Zip Co reported strong performance over the past year, with a total return of 22.69% outpacing both the broader Australian market and the Consumer Finance industry, recent leadership changes and global economic pressures appear to be weighing heavily on investor confidence.
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