Zip Co Ltd shares rose more than 6% on Thursday. The buy now, pay later lender extended its recovery from last week's record sell-off, which followed a costly fraud incident in its main U.S. market.

The stock closed at A$1.86, up 11.5 cents, or 6.6%, after trading between A$1.765 and A$1.865. It was the most actively traded stock among the day's top gainers, with more than 30.6 million shares changing hands. Zip's market value is about A$2.3 billion.

The company made no new price-sensitive announcement on Thursday. The gain adds to a rebound that began earlier this week as some investors and brokers argued the fraud-driven sell-off had gone too far.

From record low to rebound

Zip shares lost about 29% on Friday, Oct. 23, closing at A$1.46. It was the worst session in the company's history.

During that session the stock fell as much as 50.5% to A$1.025, a two-and-a-half-year low, as more than 92 million shares traded.

Since that close, the stock has recovered about 27%. It remains below where it traded before the fraud disclosure and is still down about 53.5%........

© International Business Times