Zip Co’s strong performance pushes Silver to victory
Dan Silver, co-chief executive of investment platform Stake, has won the latest edition of the Shares Race with a portfolio value of $117,792.
The supercharged performances of Silver's top picks –Electro Optic Systems, a defence and space tech firm, and Zip Co, the "buy now, pay later" rival to Afterpay – contributed most to the victory.
Zip co-founders Peter Gray and Larry Diamond. The Afterpay rival now has a market capitalization of more than $1 billion.Credit:Jessica Hromas
Silver's initial $10,000 investment in Electro Optic was worth $15,135. His original $10,000 in Zip Co grew to $15,304.
Zip's share price continued to soar after it reported a 138 per cent increase in revenue to $84.2 million for the year ended June 30.
Angie Ellis, of 20 20 Investments, finished the runner up with a portfolio value of $116,673.
She held the best-performing stock tip of all, MyFiziq. Her initial $10,000 in the body measurement phone app was worth $19,333.
Dan Silver won the six-week Shares Race following strong performances by his picks, Electro Optic Systems and Zip Co.Credit:Fairfax Media
Michael Gable, of Fairmont Equities, was third after his best performers – Flexigoup and BWX – fell back in the final week. His portfolio was worth $113,745.
The sharemarket, as measured by the S&P/ASX 300 index, rose by just over 0.5 per cent for the week to close at 6,500 points on Thursday.
The Shares Race is a fantasy shares game that runs for six weeks. Players start with $100,000, divided evenly across 10 stocks. Their progress is reported weekly.
Source: Read Full Article