Markets Live, Wednesday 1 July, 2020

Markets Live, Wednesday 1 July, 2020

It was the best performing stock on the ASX 200 last financial year and Afterpay continues to push new heights on the first day of FY21. The buy now, pay later firm rose by 4.8 per cent in afternoon trade to set a new a record high $63.90 cents, elevating it to a $16.66 billion company. That pushes the stake held by founders Anthony Eiser and Nick Molnar to $1.3 billion. The firm grew by 150 per cent during the 2019-2020 year, even after plunging 80 per cent to a low of $8.01 during the March COVID-19 rout. Its share price has since risen nearly eight-fold, helped by news Chinese internet giant Tencent had become a strategic investor.
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