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ASX Tech January Winners: Indian-focused fintech Findi tops winners list as sector rises for start of 2024
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- ASX tech sector rises 1.18% in January in line with broader markets and tech-heavy NASDAQ
- Findi tops tech winners list in January after announcing successful option conversion
- EP&T Global announces positive net operating cash flow for the second consecutive quarter
The S&P ASX 200 Info Tech (ASX:XIJ) index was up 1.18% in January, in line with the benchmark S&P ASX 200 (ASX:XJO) which rose 1.19% for the month to finish at a record high of 7680.7 points.
The US NASDAQ index, the bellwether for the global tech sector which rallied by more than 44% in 2023, was up ~2.70% for January.
The NASDAQ was rising steadily throughout January until US Fed Reserve chair Jerome Powell appeared to crash the party.
While the Fed held its funds rate steady at 5.25%-5.55% for the month, language used by Powell at a press conference on January 31 unsettled traders, and tore through interest rates sensitive stocks, leading to a big selloff in the NASDAQ.
Powell said while the Fed’s interest rate target is “likely at its peak for this tightening cycle … we are not declaring victory, we think we still have a way to go.”
“I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting,” Powell added.
“If we get very strong inflation data, and it kicks back up then we’ll go slower or later.”
Here are the top ASX Tech Winners for January 2024
Scroll or swipe to reveal table. Click headings to sort.
| Code | Name | Price | % Change | Market Cap |
|---|---|---|---|---|
| FND | Findi Limited | 1.62 | 57% | $75,153,880.34 |
| AI1 | Adisyn Ltd | 0.026 | 53% | $4,197,688.98 |
| MP1 | Megaport Limited | 12.71 | 38% | $1,985,877,628.80 |
| IS3 | I Synergy Group Ltd | 0.008 | 33% | $2,432,642.94 |
| DRO | Droneshield Limited | 0.49 | 32% | $287,712,197.17 |
| EPX | Ept Global Limited | 0.033 | 32% | $14,715,152.43 |
| XPN | Xpon Technologies | 0.026 | 30% | $7,893,812.39 |
| VR1 | Vection Technologies | 0.027 | 29% | $29,291,313.19 |
| FLX | Felix Group | 0.2 | 25% | $40,899,942.60 |
| DTC | Damstra Holdings | 0.23 | 21% | $59,312,881.39 |
| HTG | Harvest Tech Grp Ltd | 0.018 | 20% | $14,119,266.76 |
| IOD | Iodm Limited | 0.27 | 20% | $146,183,961.60 |
| SLX | Silex Systems | 5.14 | 18% | $1,177,370,914.25 |
| RCL | Readcloud | 0.055 | 17% | $8,333,656.79 |
| DTL | Data#3 Limited | 9.78 | 16% | $1,494,441,258.24 |
| HYD | Hydrix Limited | 0.022 | 16% | $5,338,595.79 |
| EVS | Envirosuite Ltd | 0.09 | 15% | $113,562,003.24 |
| SPX | Spenda Limited | 0.015 | 15% | $55,792,238.90 |
| MX1 | Micro-X Limited | 0.12 | 14% | $54,476,139.06 |
| EOS | Electro Optic Sys. | 1.18 | 13% | $187,503,426.57 |
| EML | EML Payments Ltd | 0.895 | 13% | $337,427,449.20 |
| EXT | Excite Technology | 0.009 | 13% | $11,963,175.59 |
| GTH | Gathid Ltd | 0.018 | 13% | $4,741,522.29 |
| ACE | Acusensus Limited | 0.87 | 10% | $107,439,978.75 |
| X2M | X2M Connect Limited | 0.044 | 10% | $8,615,259.28 |
ASX-listed Indian-focused fintech Findi (ASX:FND) topped the tech winners list in January. FND announced in January it had received $10.7 million in cash and issued 11,942,609 fully paid new shares in the company, through the conversion of 11,942,609 listed options (ASX: FNDOB), each having an issue price of 90 cents/ share.
The remaining 6,289,678 listed options have expired unexercised.
“The option conversion was strongly supported by existing shareholders and is a clear endorsement of Findi’s strategy and the results being delivered by the board and management team,” says chairman Nicholas Smedley.
“These funds, together with the funds raised from the Piramal Alternatives placement in November 2023, ensure that Findi is well capitalised and provides flexibility with respect to pursuing growth and scale through accretive acquisitions, the expansion of the FindiPayfootprint and product offering and the roll-out of white label ATMs.
“Our application for a white label ATM licence remains before the Reserve Bank of India and we remain confident that the licence will be granted in the near term.”
EP&T Global (ASX:EPX) was also on the winners list in January after announcing positive net operating cash flow for the second consecutive quarter including net operating cash flow for the December 2023 quarter of $300k.
Cash receipts for the quarter increased 52% on pcp to $4 million with total cash on hand of $700k at December 31, 2023
EPX focuses on AI and Machine learning to optimise energy efficiency, reduce GHG emissions and lower the costs of running commercial property across multiple markets globally, including Australia, the UK and Europe.
EPX also launcehd a capital raising at an offer price of 2 cents per new ordinary share to raise ~$2.3 million. The capital raising comprises a placement to sophisticated and professional investors, and a 1-for-5.95 pro rata accelerated non-renounceable entitlement offer.
At the big end of the tech sector Megaport (ASX:MP1) skyrocketed 30% on January 30 and 38% for the month after a solid December update.
The data centre and network services company reported total revenue for the Q2 FY24 of $48.6 million, which was 5% higher compared to Q1 FY 24.
Q2 FY annual recurring revenue was $191.7 million in December 2023, up 1% QoQ, which was negatively impacted by currency headwinds. The strong turnaround in profitability saw MP1 deliver positive EBITDA of $15.1 million for Q2 FY24, flat QoQ.
Here are the biggest ASX Tech Losers for January 2024
Scroll or swipe to reveal table. Click headings to sort.
| Code | Name | Price | % Change | Market Cap |
|---|---|---|---|---|
| NET | Netlinkz Limited | 0.005 | -44% | $23,118,598.88 |
| WHK | Whitehawk Limited | 0.014 | -42% | $5,935,273.00 |
| NOV | Novatti Group Ltd | 0.053 | -36% | $18,705,063.74 |
| AHI | Advanced Health | 0.085 | -32% | $20,521,387.31 |
| SOV | Sovereign Cloud Hldg | 0.05 | -30% | $22,400,444.35 |
| ID8 | Identitii Limited | 0.013 | -28% | $5,162,856.17 |
| 1TT | Thrive Tribe Tech | 0.013 | -28% | $3,856,079.75 |
| NUH | Nuheara Limited | 0.087 | -24% | $25,935,333.27 |
| NVX | Novonix Limited | 0.565 | -23% | $283,538,023.38 |
| CF1 | Complii Fintech Ltd | 0.023 | -21% | $13,062,171.75 |
| DTI | DTI Group Ltd | 0.016 | -20% | $7,176,822.62 |
| FCT | Firstwave Cloud Tech | 0.032 | -20% | $54,706,580.22 |
| GTI | Gratifii | 0.008 | -20% | $10,953,781.30 |
| 5GN | 5G Networks Limited | 0.185 | -19% | $59,910,435.73 |
| BCT | Bluechiip Limited | 0.013 | -19% | $10,339,859.32 |
| FBR | FBR Ltd | 0.022 | -19% | $93,267,299.52 |
| WBT | Weebit Nano Ltd | 3.48 | -19% | $725,967,817.04 |
| AXE | Archer Materials | 0.31 | -18% | $79,002,574.03 |
| TAL | Talius Group Limited | 0.009 | -18% | $23,075,254.04 |
| BLG | Bluglass Limited | 0.05 | -18% | $79,013,538.11 |
| NXL | Nuix Limited | 1.56 | -18% | $500,034,181.45 |
| EIQ | Echoiq Ltd | 0.14 | -18% | $69,251,612.64 |
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