August Tech Winners: ASX tech sector up 8%, still top YTD despite volatile month

The S&P/ASX 200 Information Technology sector rose ~8% in August, despite a volatile month for global markets
Global X said the Nasdaq had mixed performance driven by a combination of positive and negative factors
Wisetech Global rose 27% after it outperformed expectations and reported EBITDA guidance ~4% above consensus

The S&P/ASX 200 Information Technology sector rose ~8% in August in what was a volatile month for global markets and is up more then 38% YTD to remain the top-performing sector of 2024.

The US Nasdaq Composite index – the bellwether for the global tech sector – was also up in August, but trailed the S&P 500.

Code	August move	YTD move
S&P 500	+3.7%	+19%
Nasdaq Composite	+3.02%	+20%
Dow Jones	+3.01%	+10%

Global X investment strategist Billy Leung told Stockhead there was a mixed performance among US tech stocks with a combination of positive and negative factors that largely offset each other including among the so-called Magnificent 7 of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla.

He said Meta introduced new AI-driven ad tools and generative AI features aimed at enhancing user engagement across its platforms.

“These initiatives show promise for future growth, though rising development costs impacted investor enthusiasm.

“Tesla outlined its long-term vision, including next-gen vehicle platforms and energy solutions at its investors day.”

He added that while the market had mixed reactions to the announcements, they provided a positive outlook for Tesla’s strategic direction.

“Cisco’s Q4 results exceeded expectations, with $13.6bn in revenue and $0.87 in EPS, driven by strong demand in data centres and the successful integration of Splunk.

“This outcome was a positive signal for the tech sector, particularly in networking and cybersecurity.”

Chip maker Nvidia was a key focal point in August, with rumours of delays in its next-generation GPU architecture, Blackwell, which Leung noted could be postponed from H2 2024 to as late as Q2 2025.

“These concerns, coupled with a setup where Nvidia’s share price had already run up 15% in the two weeks prior to earnings, created high expectations,” he said.

Leung said although Nvidia reported strong July quarter results with US$30bn in revenue (5% above estimates) and solid guidance, the lack of clarification on the Blackwell delay and some margin pressure led to a ~7% drop in the stock post-results.

“This added significant pressure on the semiconductor sector, further weighing on the broader tech market.”

The Global X strategist also highlighted that Warren Buffett-owned Berkshire Hathaway’s disclosure of selling 55.8% of its Apple holdings (505 million shares) put pressure on Apple’s stock in August and negatively impacted market sentiment, especially among retail investors.

“For August 2024, the ASX tech sector was indeed strong with several key players contributing.”

The top ASX tech winners in August 2024

Scroll or swipe to reveal table. Click headings to sort.

Code	Name	Price	% Change	Market Cap
SPA	Spacetalk Ltd	0.029	71%	$13,763,192
HCL	Highcom Ltd	0.205	58%	$21,049,948
ID8	Identitii Limited	0.013	44%	$7,818,623
NXL	Nuix Limited	4.76	44%	$1,563,796,488
HTG	Harvest Tech Grp Ltd	0.023	44%	$18,685,380
LVH	Livehire Limited	0.0465	41%	$17,186,302
CAG	Caperange	0.19	36%	$18,032,577
SNS	Sensen Networks Ltd	0.042	35%	$32,672,167
RKT	Rocketdna Ltd	0.009	29%	$5,905,034
WTC	Wisetech Global Ltd	118.87	27%	$39,693,154,648
ODA	Orcoda Limited	0.19	27%	$32,139,843
ACE	Acusensus Limited	0.69	27%	$87,223,657
VGL	Vista Group International	2.75	24%	$653,609,556
BTH	Bigtincan Holdings	0.135	23%	$110,926,251
CDA	Codan Limited	15.48	21%	$2,763,257,562
LIS	Lisenergy	0.145	21%	$92,829,033
360	Life360 Inc	19.12	18%	$4,216,810,233
DUG	DUG Tech	3.17	18%	$374,451,134
FND	Findi Limited	4.43	18%	$216,189,409
YOJ	Yojee Limited	0.053	18%	$14,579,513
BVS	Bravura Solution Ltd	1.315	17%	$589,585,513
TNE	Technology One	22.91	17%	$7,411,713,663
ROC	Rocketboots	0.1	16%	$10,019,350
SOV	Sovereign Cloud	0.295	13%	$48,251,191
SMN	Structural Monitor	0.71	13%	$96,838,132

Leung said the standout and the primary driver of the sector’s gains in August was large cap WiseTech Global (ASX:WTC), which rose 27% after it outperformed expectations and reported FY25 EBITDA guidance that was ~4% above consensus.

“This was largely due to better-than-expected operational efficiencies and a favourable product mix, particularly within its CargoWise platform,” he said.

“Additionally, WiseTech provided a strong revenue outlook, on the back of continued global demand for its logistics software solutions.

“Management highlighted the momentum expected to carry into FY26, driven by strategic investments in technology and further market expansion.”

Provider of tech solutions to overcome challenges associated with remote video & data streaming, Harvest Technology Group (ASX:HTG) rose 44% in August.

HTG announced it had raised $2.2m via sophisticated investors since July 1 to refocus on growth with the company completing most of a restructuring program as part of its three-year plan to profitability.

Technology One (ASX:TNE) rose 17% in August and Leung noted it had “impressive results, which was driven by the signing of new government contracts and increasing adoption of its SaaS ERP solution”.

Defence manufacturing company HighCom (ASX:HCL) was also in the tech winners circle in August and rose 58% after a series of positive announcements including new multi-million dollar contracts to supply ballistic products to military customers.

HCL also provided FY24 guidance and a company update in August, including that revenue had come in at the lower end ($46m) of the estimate given to the market in May.

The company said that a delay in finalising a recent contract has pushed that revenue out to FY25, and that it had seen an improvement in cash holdings from $1.6m to $6.2m.

The top ASX tech losers in August 2024

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CODE	COMPANY	LAST SHARE PRICE	AUGUST RETURN %	MARKET CAP
ERA	Energy Resources	0.005	-75%	$110,741,496
BCB	Bowen Coal Limited	0.014	-63%	$39,888,508
TEG	Triangle Energy Ltd	0.0055	-61%	$10,400,670
CDE	Codeifai Limited	0.001	-60%	$3,961,942
ADN	Andromeda Metals Ltd	0.009	-57%	$30,542,438
FGH	Foresta Group	0.004	-56%	$9,421,516
ME1	Melodiol Global Health	0.001	-50%	$1,125,828
RNE	Renu Energy Ltd	0.0025	-50%	$1,815,335
8VI	8Vi Holdings Limited	0.068	-50%	$2,849,977
MOZ	Mosaic Brands Ltd	0.036	-49%	$6,426,232
FRS	Forrestania Resources	0.015	-48%	$2,426,786
CMO	Cosmo Metals	0.028	-47%	$3,667,800
FGL	Frugl Group Limited	0.022	-46%	$2,307,990
AKG	Academies Aus Grp	0.092	-46%	$12,200,531
DGR	DGR Global Ltd	0.012	-45%	$12,524,322
RCR	Rincon	0.028	-45%	$8,191,748
OPL	Opyl Limited	0.016	-45%	$2,731,434
GHY	Gold Hydrogen	0.635	-44%	$48,681,020
FHE	Frontier Energy Ltd	0.245	-44%	$109,460,345
GAS	State GAS Limited	0.045	-43%	$16,253,868
AS2	Askari Metals	0.02	-43%	$1,961,403
EOF	Ecofibre Limited	0.024	-41%	$9,092,974
AKN	Auking Mining Ltd	0.01	-41%	$3,186,870
IXR	Ionic Rare Earths	0.006	-40%	$29,218,576
RFA	Rare Foods Australia	0.015	-40%	$4,079,749
WNR	Wingara Ag Ltd	0.006	-40%	$1,053,255
ACW	Actinogen Medical	0.045	-39%	$122,030,028
ATV	Activeportgroupltd	0.042	-39%	$14,844,544
RPG	Raptis Group Limited	0.008	-38%	$507,891
DME	Dome Gold Mines Ltd	0.105	-38%	$38,997,919
HOR	Horseshoe Metals Ltd	0.005	-38%	$3,316,408
SVL	Silver Mines Limited	0.094	-37%	$141,755,408
FEX	Fenix Resources Ltd	0.275	-37%	$198,169,928
TM1	Terra Metals Limited	0.038	-37%	$15,039,590
LOM	Lucapa Diamond Ltd	0.045	-37%	$14,215,978
BSN	Basin Energy	0.033	-37%	$2,743,948
C1X	Cosmo Exploration	0.028	-36%	$2,159,183
CLU	Cluey Ltd	0.028	-36%	$9,879,065
CXU	Cauldron Energy Ltd	0.016	-36%	$19,624,490
5EA	5E Advanced	0.094	-35%	$31,216,019
AAP	Australian Agri Ltd	0.024	-35%	$8,846,489
TOE	Toro Energy Limited	0.215	-35%	$25,860,597
CAZ	Cazaly Resources	0.015	-35%	$6,919,545
JLG	Johns Lyng Group	3.75	-35%	$1,075,085,436
AD8	Audinate Group Ltd	9.45	-34%	$786,691,500
BCT	Bluechiip Limited	0.004	-33%	$4,728,158
CTN	Catalina Resources	0.002	-33%	$2,476,974
DMG	Dragon Mountain Gold	0.004	-33%	$1,578,687
ECT	Env Clean Tech	0.002	-33%	$7,929,526
IBG	Ironbark Zinc Ltd	0.002	-33%	$3,667,296