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ASX closed green; Zip Co. shares dipped on Microsoft integration criticism; Oil Search rallied on satisfying a merger condition.

  • The ASX200 closed 3.9 points higher on Monday at 7245.10 points.
  • Zip Co. shares hit a 52-week low on BNPL sell-off & integration criticism.
  • Oil Search shares on receipt of approval for merger by PNG Securities Commission.

The Australian market reversed morning losses in afternoon trade to close the first trading day of the week 3.9 points higher as a late rally for the gold miners and utilities stocks boosted the key index into positive territory.

The tech sector tumble extended into afternoon trade, weighed down by Nearmap plunging 7.2%, Appen falling 5.4% and Altium closing the day more than 4% lower.

Bitcoin is trading 0.22% lower over the last 24-hours at US$48,962.48 at 4:15pm AEDT.

Zip Co shares hit a 52-week low today the buy now, pay later provider’s shares were caught up in the broad tech sell-off in addition to investors responding to recent criticism of Zip’s integration with the Microsoft Edge browser. Some users have said the integration of Zip into the Edge browser has slowed their browsing experience and others are concerned about the potential financial consequences on users having instant access to short-term finance options.

Making headlines, Oil Search shares rallied today after Papua New Guinea’s largest oil and gas exploration and development company announced it has satisfied the condition in relation to approvals from the PNG Securities Commission, precedent to its Merger Implementation Deed with Santos.

And extreme weather and supply chain disruptions have caused a shortage in Christmas trees available this year for both real and synthetic trees.

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