The buy now, pay later sector soared on Monday, backed by a strong result from Sezzle as shares set a new nine-month high on 12 gains in 14 sessions.
The sharemarket’s downtrodden buy now, pay later sector rocketed on Monday as Afterpay-owner Block surged 6.1 per cent and US player Sezzle surged 37.6 per cent on news it turned profitable for the final two months of 2022.
Shares in bombed-out buy now, pay later group Zip Co finished 22.8 per cent higher ahead of an anticipated trading update this week when it is expected to update investors on its drive to slash costs in a bid to turn profitable.Minneapolis-based Sezzle said a brutal round of cost-cutting over 2022 helped it swing to a $US500,000 net profit in October-December from a $US25.9 million loss in the year-earlier period.
The energy sector also added 0.9 per cent as benchmark Brent crude futures held on to gains late last week to trade for $US87.28 at the closing bell.Gold miner Ramelius Resources fell 0.9 per cent to $1.07 after saying it had deferred the stage three open pit extension at its Edna May operations due to higher costs.after warning that first-half operating unit costs were expected to be in-line or below FY23 guidance at the majority of its operations.
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