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ASX200 rallies; Zip Co surges 8% on record trading update; Neuren Pharmaceuticals skyrockets 100% on trial results.

  • The ASX200 is trading 0.56% higher on Tuesday at 7286 points.
  • Zip Co. surge 8% on a trading update for record results in November.
  • Neuren Pharmaceuticals skyrockets 100% on trial results for treating Rett Syndrome.

The Australian market is following Wall Street?s lead from overnight, to trade 0.56% higher at 7286 points after lunchtime as a rally for consumer discretionary stocks drives gains on the key index. Zip Co and Pointsbet are the winning stocks today so far, jumping 9.22% and 7.82% respectively.

The tech sector has recovered from Monday?s losses to trade more than 1% higher today boosted by Codan rallying 4.6%, Nearmap adding 4.5% and Tyro Payments trading 4.1% higher.

Bitcoin has regained momentum to trade 3.46% higher over the last 24-hours at US$50,676.50 at 1:15pm AEDT. Prominent Australian crypto trading platform myCryptoWallet has called in liquidators to wind up the failing company. Some users of myCryptoWallet have taken to social media claiming they cannot access their funds while others say they?ve lost $40,000.

Zip Co shares have made a strong rebound today to trade 8% higher following the release of the buy now, pay later company?s November trading update. For the period, Zip reported record monthly transaction volume of $906.5m, up 52% YoY, record transaction numbers for the month of 7.5m, up 86% YoY, customer increase of 71% YoY to 9.2m and completed the acquisition of Twisto for European expansion.

Making headlines, Neuren Pharmaceuticals is skyrocketing 100% today after releasing positive top-line results from its pivotal Phase 3 Lavender ? study evaluating the efficacy and safety of trofinetide in 187 girls and young women aged 5-20 years old with Rett syndrome. Neuren CEO Jon Pilcher said ?We are delighted with these robustly positive results and are now eager to see trofinetide progress through the regulatory approval process?.

And the famous feta pasta dish that blew up TikTok early in 2021 has been named as one of the most viral TikTok trends for 2021, alongside the salmon rice bowls that circulated in September and Olympians testing out the cardboard beds at this year?s Tokyo Olympic Games.