The S&P/ASX 200 Index (ASX: XJO) is having another lacklustre kind of day so far on Wednesday. At the time of writing, the ASX 200 is down by 0.52%. But it's another story when it comes to the Zip Co Ltd (ASX: ZIP) share price.
Zip shares are on fire today. The buy now, pay later (BNPL) share is presently up a pleasing 8.2% at $1.32 a share. But earlier today, Zip climbed even higher, hitting $1.36 a share. That was a rise worth more than 10.6% at the time.
All of this was despite an initial fall for the BNPL share this morning after market open. At open, Zip actually fell quite heavily, sinking as low as $1.20 a share.
So there has certainly been some notable volatility with this company today.
So what's going on with Zip today that might explain this rather erratic behaviour?
Image source: Getty Images
Why is the Zip share price bouncing around today?
Well, unfortunately, it's anyone's guess. Zip hasn't released any new news, developments or announcements today whatsoever. Indeed, Zip has not released any price-sensitive ASX news since the release of the company's quarterly update back on 21 July.
But that doesn't mean today's dramatic boost is an isolated incident. Zip shares have been incredibly volatile for the past month or so.
The BNPL share had a cracker of a month over July, rising from around 44 cents on 30 June to $1.65 a share on the last trading day of July. That's a monthly gain of 275%. Yowza.
But the past week has delivered mostly massive share price moves for Zip, both positive and negative.
Last Friday saw the company fall 25%, followed by a 7% drop on Monday. Then we had a 15% rise yesterday, and now another 8% or so so far today. What a rollercoaster.
So it seems today's moves are just a continuation of this incredible volatility that has come to the Zip share price in recent days and weeks. Who knows what tomorrow will bring…
This ASX 200 BNPL share has a market capitalisation of just over $839 million at the current Zip share price.
