ASX tech players have outdone their US counterparts during COVID-19

Link copied to
clipboard

While the ASX’s headline indices are still below pre-COVID lows unlike the American exchanges, our tech sector has performed better than the US during COVID-19.

The MSCI Australia IT sector performance since March 23 is up 142 per cent while the US is up just over 75 per cent.

In fact our tech sector has outperformed all of its global peers.

The average performance of all ASX stocks in the tech sector paints an even rosier picture, with a 190 per cent gain. Forty-seven stocks have more than tripled in value and six have risen over 1,000 per cent.

Ophir Asset Manager co-founder Andrew Mitchell said the Australian tech sector would need to continue its strong performance if it wanted to establish itself as a leader.

“As a wealthy developed economy with a good education system we are going to need to be a leader here to help drive domestic productivity going forward, There’s no reason why we can’t,” he said.

Here are all the ASX tech stocks and their performance since March 23:

Swipe or scroll to reveal the full table. Click headings to sort.

Buy now, pay later sector is a standout

Much of the hype in the tech sector has been about buy now, pay later (BNPL) stocks. It has been a spectacular few months for the sector with the ‘worst’ performer FlexiGroup (ASX:FXL), which is up ‘only’ 190 per cent.

Leading the charge of BNPL stocks and all tech stocks is Minneapolis-based Sezzle (ASX:SZL), which is up over 2,000 per cent. Openpay (ASX:OPY) is close behind, notching up a gain of over 1,000 per cent.

The sector has seen solid growth in 2020 in Australia among individual consumers and new sectors too. Additionally, some companies, particularly Zip Co (ASX:Z1P) and Afterpay (ASX:APT), have expanded into overseas markets.

The other top performing sectors

But BNPL stocks aren’t the only winners. There are several other tech stocks that have had a solid few months and are in fast growing sectors.

Internet of Things (IoT) tracking tech company Sensera (ASX:SE1) is another company sitting on a 1,000 per cent gain.

It witnessed solid revenue growth in recent months and won a major contract with US tech firm Triton Systems to utilise its technology.

Geospatial analytics company Pointerra (ASX:3DP) has been a late bloomer but hasn’t stopped advancing since Bevan Slattery invested $2.5m into the company.

Fintech stocks have seen good times too, particularly stocks in the payments space.

Cirralto (ASX:CRO) took out the silver medal among all tech stocks, having sky rocketed in recent weeks as it has grown its point of sale payment systems.

The sector’s other top performers include 9Spokes (ASX:9SP), up 290 per cent, and Integrated Paymant Technologies (ASX:IP1), which is up 915 per cent.

Cybersecurity is another sector that’s been a winner, particularly since the Morrison government’s increase in spending to boost to its cybersecurity capabilities and unveiling of a national cybersecurity strategy.

Leading the charge in this space is Tesserent (ASX:TNT), which is up over 700 per cent since late March off the back of earnings growth and acquisitions.

Other winners include Family Zone Cyber (ASX:FZO) — up over 500 per cent, and Vortiv (ASX:VOR) which has tripled.

At Stockhead, we tell it like it is. While Cirralto and Vortiv are Stockhead advertisers, they did not sponsor this article. 

share

• 
• 
• 
• 

Link copied to
clipboard

SUBSCRIBE

Get the latest Stockhead news delivered free to your inbox.

Name*

Email*

Hidden

Email Lists

Morning Update

Lunch Update

Market Close Update

Weekend Update

It's free. Unsubscribe whenever you want.

By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.

You might be interested in

Tech

Send in the drones: Pointerra, Carbonix partnership to reshape data and analytics in mining

October 30, 2023 | Special Report

Tech

Analysts say these ASX small cap tech stocks are pursuing their next growth phase

October 20, 2023 | Nadine McGrath

Tech

ASX small cap tech stocks powering into profitability start to feel investor love

August 11, 2023 | Nadine McGrath