Stocks of the Hour: Zip Co, Premier Investments, Kogan

Company News

by Melissa Darmawan

Bank of America and its related company bodies have snapped up a five per cent stake in Zip Co (ASX:Z1P) according to a regulatory filing. The American banking giant became a substantial investor on Monday buying around $95 million worth of shares at $3.21 a pop. Shares are trading 2.8 per cent lower at $3.12.

Children returning to school and the easing of Covid-19 restrictions helped Premier Investments (ASX:PMV) post a surge in half year profits despite store closures. The owner of Smiggle, Just Jeans and three other brands expects pre-tax earnings to rise up to 5.3 per cent. Shares are trading 4.9 per cent higher at $27.86.

Continued supply chain interruptions and flickering demand dragged on Kogan’s (ASX:KGN) profit, resulting in a fall of just over 4 per cent over the year to $112.4 million. Increased operational costs were also to blame, though on a positive note, active customers grew more than 10 per cent on an annual basis. Shares are trading 7.9 per cent lower at $6.46.

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