ASX 200 rises 0.8%

The S&P/ASX 200 Index (ASX:XJO) went up by 0.8% today. The Zip Co Ltd (ASX:Z1P) share price jumped 23% after its quarterly update.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) went up by 0.8% today to 6,824 points.

Here are some of the highlights from the ASX:

a woman

Zip Co Ltd (ASX: Z1P)

The Zip share price went up by 23% after releasing its quarterly update to 31 December 2020.

Zip said that its quarterly revenue went up 88% to $102 million, with December revenue rising 94% to $40.2 million.

The buy now, pay later business achieved record quarterly transaction volume of $1.6 billion, which was up 103% year on year. The December transaction volume rose by 104% to $628.4 million.

Transaction numbers for the quarter went up by 149% to 10.7 million.

Customer numbers increased by 97% to 5.7 million whilst merchant numbers grew by 73% to 38,500.

Zip said that its US business, QuadPay, delivered record results in the second quarter across all the core metrics with $673.1 million of transaction volume, $47.6 million of revenue and 915,000 new customers.

The company also raised $176.7 million in equity, with the majority of funds allocated to fuel US growth.

Zip's managing director and CEO Larry Diamond said: "We are extremely pleased to deliver another exceptional set of numbers with the quarter really delivering a significant step change for the company, confirming our position as one of the fastest growing players in the sector. A number of strategic initiatives were delivered during the quarter, in line with our mission to become the first payment choice everywhere, every day, and we are extremely well placed to continue this momentum into 2021 as the global shift away from the broken credit card model continues. Particularly exciting were the results achieved in the US with Quadpay rapidly accelerating in the largest addressable market for BNPL."

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price was the worst performer in the ASX 200. It dropped 8.5% after it was announced that the CEO would be leaving.

The leadership transition will commence in the first of 2021 after the board and CEO Vik Bansal mutually agreed that it is the right time for Cleanaway to move forward under new leadership.

Cleanaway Chair Mark Chellew said: "We thank Vik for his contribution in achieving a significant turnaround of Cleanaway over his period as CEO. Vik has led Cleanaway's transformation and growth with enormous dedication, and it shows in the company's financial results. We thank him for his service and wish him all the very best for the future."

The waste management business pointed out that under Mr Bansal's leadership, the company made a total shareholder return of around 300%, compared to 58% for the ASX 200.

Mr Chellew will become the Executive Chair whilst the company looks for a replacement CEO. He has experience leading a business after leading Adbri Ltd (ASX: ABC) for over 12 years.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price went up 11.7% today after giving its quarterly update to 31 December 2020.

The ASX 200 share said that funds under administration (FUA) went up by 14% to $38.8 billion. Compared to the prior corresponding period, it was an increase of 36.1%.

FUA net inflows was $2.6 billion for the quarter, an increase of $0.6 billion (33.7%) over the first quarter. FUA net inflows for the 2020 calendar year was $9.2 billion, an increase of 36.1% compared to 2019.

Funds under management (FUM) went up by 15.5% to $9.3 billion at December 2020. FUM net inflows for the quarter were $0.7 billion.

The managed account balance at 31 December 2020 was $7.6 billion, an increase of 74.1% compared to the prior corresponding period. Managed account net flows for the 2020 calendar year were $3.2 billion, an increase of 63.9%.

The FY21 FUA net inflows are expected to be in the range of $8.5 billion to $9 billion, an increase on the previously advised expected annual net inflows of $8 billion.

Tristan Harrison 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.

More on Share Market News

Two smiling work colleagues discuss an investment at their office.
Broker Notes

3 excellent ASX 200 shares to accumulate right now

Analysts at Morgans are saying positive things about these top shares.

Read more »

Happy shareholders clap and smile as they listen to a company earnings report.
Share Market News

Fisher & Paykel Healthcare upgrades FY26 earnings outlook

Fisher & Paykel Healthcare has raised its FY26 revenue and profit guidance, with tariff updates on the horizon.

Read more »

A man sitting at his dining table looks at his laptop and ponders the CSL balance sheet and the value of CSL shares today
Share Market News

These are the 10 most shorted ASX shares

Let's see which shares short sellers are targeting this week.

Read more »

Smiling woman with her head and arm on a desk holding $100 notes out, symbolising dividends.
Dividend Investing

1 ASX dividend stock down 39% I'd buy right now

I think this business is a sparkling opportunity.

Read more »

Focused man entrepreneur with glasses working, looking at laptop screen thinking about something intently while sitting in the office.
Share Market News

5 things to watch on the ASX 200 on Monday

Here's what to expect on the local market today.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
BNPL shares

This expert thinks the Zip share price is a buy and could rise 140%!

This expert says Zip is an opportunity to buy now.

Read more »

A fortune teller looks into a crystal ball in an office surrounded by business people.
Broker Notes

Buy, hold, sell: Goodman, Hub24, and Telstra shares

Morgans has been looking at these popular stocks following their results.

Read more »

Two men laughing while bouncing on bouncy balls
Share Market News

ASX 200 tech shares lead market sectors with a 7% bounce back

ASX 200 tech shares have fallen 40% over the past 6 months. Has the bleeding finally stopped?

Read more »