Who could have seen this coming?

Zip Co (ASX:Z1P) has fallen more than 10 per cent in morning trade after double-digit gains the past two days, while several other buy now, pay later companies are also in the red.

Shortly before noon, Zip was down 13.6 per cent to $12.02,  Sezzle (ASX:SZL) was down 12.1 per cent to $10.11 and Afterpay (ASX:APT) had fallen 6.2 per cent to a two-week low of $144.02.

Fatfish (ASX:FFG), whose shares nearly tripled yesterday to close at 27c, fell 25.9 per cent to 20c.

Zip shares, which traded for around $5 for most of December and January, have taken off in the past few days, hitting an all-time intraday high of $14.53 yesterday.

The rally may have been in part because of the market was re-rating its valuation compared to Afterpay –  but some traders also saw a speculative mania at work.

Shares in IOUpay (ASX:IOU), another BNPL company whose shares have taken off in the last few days, were in a trading halt for a capital raising.

The other ASX BNPL companies haven’t really participated in the huge rally of the last few days and their shares were mostly just down modestly this morning. Laybuy (ASX:LBY) was the outlier, rising 2.2 per cent to $1.42.

Zip, Fatfish, Afterpay, Sezzle, IOUpay, Laybuy shares

 

Read MoreBuy Now Pay Later - BNPL

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