- ASX200 closed 0.51% higher today at 7058.6.
- Zip Co takes a hit despite announcing crypto expansion plans.
- Westpac reaps rewards of investment in Reinventure?s Coinbase backing.
The Australian market closed 0.51% higher at 7058.6, setting a 13-month high within 1.5% of a record. The market was fuelled by gains amongst the big miners and materials sector.
The tech sector closed in the red as losses for EML Payments, Nearmap and Appen offset a more than 5% gain for Codan.
Bitcoin is trading more than 2% lower at US$63,084.26 at 4:30pm AEST.
Australian BNPL provider ZipCo plunged today after completing its $400m zero coupon senior unsecured convertible notes offering. Despite the share price hit, Zip?s co-founder Peter Gray said the company is looking to offer stock and cryptocurrency trading on its existing app to expand into the widely popular digital asset space.
Making headlines, Westpac bank is reaping the rewards from its investment in a capital fund named Reinventure. In 2015 Reinventure invested $50m in Coinbase, which hit the ground running on its Wall Street debut yesterday. Estimates suggest Reinventure will come out with a profit of around $450m.
And Air New Zealand is undertaking a survey to find out the average weight of its passengers by asking travellers boarding flights to step onto the scales.