It certainly was a tale of two shares on Wednesday. In one corner was the Afterpay Touch Group Ltd (ASX: APT) posting a 12% gain to reach an all-time high of $5.29.
In the other corner was the zipMoney Ltd (ASX: ZML) share price which sank to an 18-month low of 56 cents.
While there was no news out zipMoney, Afterpay released yet another strong quarterly update which revealed that underlying annualised sales are now tracking in excess of $1.5 billion based on its recent monthly performance.
The market appears to see this as a sign that zipMoney is losing ground on its rival and won't be able to scale as many had hoped.
No doubt shareholders will be interested to hear what management has to say at its upcoming annual general meeting.
The payments company advised this morning that its annual general meeting will now take place on 30 November 2017, instead of 16 November 2017 as was previously planned.
