(Reuters) – Shares of Australia’s Zip rose more than 8% on Tuesday after the “buy-now, pay-later” firm announced a share buyback plan of up to A$50 million ($30.1 million), with the programme set to begin around April 23.
Zip’s shares rose as much as 8.8% to A$1.295, and emerged as one of the top gainers on the broader benchmark index, the S&P/ASX 200, which was up 1.7% as of 0232 GMT.
The digital retail finance and payments provider’s shares had slumped a day earlier due to tariff tensions, falling 7.4% to be one of the biggest losers on the broader benchmark index.
“The number of shares purchased under the buy-back will depend on several factors including market conditions,” the company said in a statement.
The company, in February, reported that its first-half cash earnings more than doubled.
This increase was attributed to a higher total transaction volumes and revenue, as well as improved performance in debt arrears.
($1 = 1.6600 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru; Editing by Sumana Nandy and Mrigank Dhaniwala)
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