The ASX tech sector is having another strong year in 2024. Pic: Getty Images
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The S&P/ASX 200 information technology sector was the top performing sector with a 5.45% gain in May, extending its YTD gain to 26% to also be the top performer for 2024 YTD.
The US Nasdaq Composite index, the bellwether for the global tech sector which rallied by more than 44% in 2023, surged 6.30% in May and is up ~13% YTD.
“In a month that saw the tech-heavy Nasdaq surge 6.30% and the market capitalisation of wonder stock Nvidia surpass the size of the entire German stock market, it was no surprise to see the ASX200 IT sector end May at the top of the ASX200 sector leader’s board,” IG Markets’ analyst Tony Sycamore told Stockhead .
“With Mega-tech in the US expected to continue its dominance, the backdrop is in place for the ASX200 IT sector to reclaim its 2021 2450 high, now just 5.5% away.”
Scroll or swipe to reveal table. Click headings to sort.
| Code | Name | Price | % Change | Market Cap |
|---|---|---|---|---|
| IS3 | I Synergy Group Ltd | 0.014 | 100% | $4,957,125 |
| NVU | Nanoveu Limited | 0.031 | 82% | $13,816,564 |
| IRI | Integrated Research | 0.71 | 65% | $123,972,127 |
| NXL | Nuix Limited | 3.1 | 50% | $1,002,939,237 |
| DXN | DXN Limited | 0.035 | 40% | $6,471,127 |
| DRO | Droneshield Limited | 1.125 | 36% | $814,641,064 |
| CAT | Catapult Grp Int Ltd | 1.895 | 32% | $494,798,629 |
| K2F | K2Fly Ltd | 0.105 | 30% | $19,627,355 |
| OAK | Oakridge | 0.07 | 25% | $1,231,959 |
| ASV | Asset Vision Co | 0.016 | 23% | $11,613,385 |
| EIQ | Echoiq Ltd | 0.135 | 23% | $66,845,841 |
| ERD | Eroad Limited | 0.96 | 22% | $177,428,181 |
| CAG | Cape Range | 0.15 | 20% | $15,185,328 |
| DTZ | Dotz Nano Ltd | 0.16 | 19% | $83,801,937 |
| GTK | Gentrack Group Ltd | 8.85 | 18% | $915,880,916 |
| ELS | Elsight Ltd | 0.4 | 16% | $60,311,954 |
| GTI | Gratifii | 0.009 | 13% | $14,508,405 |
| AR9 | Archtis Limited | 0.096 | 12% | $27,480,731 |
| 360 | Life360 Inc. | 15.3 | 11% | $3,096,403,764 |
| EOL | Energy One Limited | 4.4 | 10% | $132,296,674 |
Nanoveu (ASX:NVU) climbed in May on positive news including that the company had signed a binding deal giving Rahum Nanotech exclusive distribution rights in South Korea for the EyeFly3D product, which “allows users to experience 3D without the need for glasses on everyday handheld devices”.
NVU says Rahum must receive orders of ~$30 million by the end of 2026 to maintain exclusivity.
Providing performance management and analytics for IT infrastructure, payments, and communications companies Integrated Research (ASX:IRI) surged in May after announcing a positive trading update for the 10 months ending April 2024 and upgrade to FY24 guidance.
IRI says there was a 93% jump in EBITDA over the 10 months to April 30 on pcp and is now guiding FY24 total contract value (TCV) of $75-$84m, compared to $68.5m for FY23. The company expects revenue in the range of $76-$85m, up from $69.8m for FY23.
Australia’s largest drone defence manufacturer DroneShield (ASX:DRO) also was up in May after announcing a repeat order of A$5.7 million from a US Government customer for a number of its C-UxS (Counter-UxS) systems, which refer to counter drone systems targeting multi-domain aerial, ground and maritime surface drones.
DRO also completed its share puchase plan in May, which the company says generated significant support from existing shareholders with applications for fully paid ordinary shares for $40m, exceeding the maximum capped raising amount of $15m set by the company.
Scroll or swipe to reveal table. Click headings to sort.
| Code | Name | Price | % Change | Market Cap |
|---|---|---|---|---|
| 1TT | Thrive Tribe Tech | 0.012 | -29% | $4,519,458 |
| WBT | Weebit Nano Ltd | 2.28 | -28% | $433,805,447 |
| X2M | X2M Connect Limited | 0.041 | -23% | $10,935,410 |
| LVH | Livehire Limited | 0.015 | -21% | $5,543,968 |
| NVX | Novonix Limited | 0.69 | -20% | $337,373,773 |
| SBW | Shekel Brainweigh | 0.05 | -19% | $10,539,287 |
| NOV | Novatti Group Ltd | 0.046 | -18% | $16,364,520 |
| SQ2 | Block | 98.66 | -14% | $3,872,550,573 |
| YOJ | Yojee Limited | 0.041 | -13% | $10,690,824 |
| SPX | Spenda Limited | 0.008 | -11% | $34,595,662 |
| LIS | Lisenergy | 0.135 | -10% | $86,427,031 |
| SCL | Schrole Group Ltd | 0.19 | -10% | $6,831,459 |
| RWL | Rubicon Water | 0.425 | -8% | $73,051,169 |
| SMN | Structural Monitor | 0.35 | -7% | $47,881,822 |
| NOR | Norwood Systems Ltd. | 0.049 | -6% | $23,200,567 |
| ZMM | Zimi Ltd | 0.023 | -4% | $2,837,005 |
| ACE | Acusensus Limited | 0.615 | -4% | $77,735,985 |
| RKN | Reckon Limited | 0.54 | -2% | $61,179,209 |
| UBN | Urbanise.Com Ltd | 0.35 | -1% | $22,463,179 |
| OCL | Objective Corp | 12.4 | 0% | $1,179,927,183 |
Australian Internet of Things (IoT) technology company X2M Connect (ASX:X2M) announced on May 31 it had completed a placement of $1.13m at 4 cents/share, which was strongly supported by associates of the company’s Middle East channel partner Dicode Technologies LLC and other new investors.
X2M has also secured a loan facility of $1.5 with optional conversion to shares and says funds raised from the placement and loan facility will be used for X2M’s entry into the Middle East, starting with the UAE, to develop business opportunities in the region,
along with general corporate purposes.
Broad weakness in the battery materials industry overshadowed some positive announcements for Novonix (ASX:NVX) in May, which saw its share price fall.
NVX manufactures battery cell testing equipment, and is growing its high-performance synthetic graphite anode material manufacturing operations.
Among announcements in May NVX inked a non-exclusive testing and development agreement (TDA) with Volkswagen Group-owned battery cell company PowerCo SE. NVX says the TDA may lead to a supply agreement with PowerCo SE for developed products with details to be determined at that time.
NVX also announced global engineering and consulting firm Hatch has completed an independent assessment of its Riverside production facility in the US.
The assessment covered operations, project execution, financial model assumptions, the graphite market, production technology, environmental considerations, feedstock, and supply agreements.
Following this review, NVX confirms it is on track to achieve its initial commercial production capacity of 3,000 tonnes per annum (tpa) at the Riverside facility by the end of 2024, with all primary production equipment either in place or ordered.
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