The ASX tech sector is continuing to plunge
ASX Small Cap Lunch Wrap: There’s only one sector in the red today, and it’s dropped by over 4 per cent
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It’s another day of gains on the ASX, 0.89 per cent as at 12pm, but the tech sector copped another plunge today and was the only sector in the red.
Over the last few weeks investors have been pivoting to battery metals stocks as well as long beaten-up travel and oil stocks at the expense of tech stocks – particularly software and BNPL stocks.
As Keith Lerner, chief market strategist for Truist Advisory Services said overnight: “Money isn’t leaving the market, it is adjusting.”
Afterpay (ASX: APT) for example peaked at $158.48 on February 10 but is barely over $100 today. And Xero (ASX:XRO) is down from over $130 to $105 today.
The flagship ASX All Technology Index is down 17 per cent from a month ago and the ASX 200 Info Tech Index has dropped 19 per cent. Both are near the technical definition of a bear market while the ASX 200 is only 0.3 per cent lower.
WINNERS
Here are the best performing ASX small cap stocks at 12pm Tuesday March 9:
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume |
|---|---|---|---|---|
| AQS | Aquis Ent Ltd | 0.34 | 51 | 2739711 |
| ANW | Aus Tin Mining | 0.0015 | 50 | 13400000 |
| MLS | Metals Australia | 0.003 | 50 | 170000 |
| RFX | Redflow Limited | 0.077 | 43 | 55000114 |
| SRY | Story-I Limited | 0.034 | 42 | 16175726 |
| ANL | Amani Gold Ltd | 0.002 | 33 | 1959804 |
| APG | Austpac Resources NL | 0.002 | 33 | 249000 |
| UUV | UUV Aquabotix Ltd | 0.0025 | 25 | 2340002 |
| DW8 | Digital Wine Venture | 0.093 | 21 | 58888570 |
| MGU | Magnum Mining & Exp | 0.135 | 17 | 6558478 |
| ONX | Orminexltd | 0.035 | 17 | 70000 |
| YPB | YPB Group Ltd | 0.0035 | 17 | 2440000 |
| NXL | Nuix Limited | 5.45 | 16 | 2042602 |
| MCT | Metalicity Limited | 0.015 | 15 | 31459305 |
| AGR | Aguia Res Ltd | 0.115 | 15 | 102172 |
| VAR | Variscan Mines Ltd | 0.031 | 15 | 1234079 |
| AON | Apollo Minerals Ltd | 0.067 | 14 | 1208483 |
| BNL | Blue Star Helium Ltd | 0.034 | 13 | 2274225 |
| FPL | Fremont Petroleum | 0.0045 | 13 | 30114424 |
| GMR | Golden Rim Resources | 0.009 | 13 | 2292307 |
| OEL | Otto Energy Limited | 0.009 | 13 | 214958 |
| PRT | Prime Media Grp Ltd | 0.235 | 12 | 131155 |
Canberra casino operator Aquis Entertainment (ASX:AQS) went on another run, gaining over 50 per cent this morning – yet again off the back of no news.
Another notable winner without company news (and one of the few tech stocks to gain) was recent listee Nuix (ASX:NXL). The stock listed at $5.31 per share in December and rose to over $11 before falling below $5 yesterday despite market commentary released by the company saying its prospectus forecasts were on track.
While shares still fell yesterday they rebounded above $5 today.
Battery developer Redflow (ASX:RFX) signed its largest global battery sale to California based Rialto Bioenergy Facility to power its energy storage system.
Brazilian focused explorer Aguia Resources (ASX:AGR) climbed after unveiling an updated Resource Estimate and Scoping study.
And Digital Wine Ventures (ASX:DW8) surged after its latest sales figures. It shipped 20,864 cases of wine in February, 32 per cent higher than January and up 931 per cent from February 2020.
LOSERS
Here are the best performing ASX small cap stocks at 12pm Tuesday March 9:
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume |
|---|---|---|---|---|
| ECT | Env Clean Tech Ltd. | 0.001 | -33 | 680000 |
| PVE | Po Valley Energy Ltd | 0.027 | -25 | 174217 |
| OEX | Oilex Ltd | 0.002 | -20 | 3562493 |
| TMH | The Market Herald | 0.47 | -18 | 44890 |
| ADR | Adherium Ltd | 0.017 | -15 | 3119054 |
| ALY | Alchemy Resource Ltd | 0.012 | -14 | 916944 |
| MAG | Magmatic Resrce Ltd | 0.12 | -14 | 672628 |
| DOR | Doriemus PLC | 0.061 | -13 | 38042 |
| CCE | Carnegie Cln Energy | 0.0035 | -13 | 8037581 |
| GGX | Gas2Grid Limited | 0.0035 | -13 | 418000 |
| TYX | Tyranna Res Ltd | 0.007 | -13 | 1732327 |
| 8VI | 8Vi Holdings Limited | 2.1 | -12 | 5947 |
| TAS | Tasman Resources Ltd | 0.088 | -12 | 4770117 |
| DTM | Dart Mining NL | 0.19 | -12 | 1521421 |
| YFZ | Youfoodz | 0.65 | -12 | 108522 |
| FMS | Flinders Mines Ltd | 1.4 | -11 | 7130 |
| TMK | Tamaska Oil Gas Ltd | 0.008 | -11 | 179379 |
| TNT | Tesserent Limited | 0.21 | -11 | 6274944 |
| NNT | 99 Technology Ltd | 0.07 | -10 | 310000 |
| PNN | PepinNini Minerals | 0.315 | -10 | 545124 |
| 88E | 88 Energy Ltd | 0.009 | -10 | 17590469 |
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