Battle of the States: Which Australian state has the best performing ASX tech stocks?
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ASX tech stocks have boomed in the last six months but Australian states and territories have seen it to varying degrees.
When it comes to recovering best from COVID-19, Western Australia has been the standout state from a GDP perspective. But those states and territories with the winning tech stocks may surprise you.
While the ACT has only two tech stocks, their average gain places it head and shoulders above all.
Canberra is home to cybersecurity stock archTIS (ASX: AR9) and IT services firm Citadel Group (ASX:CGL). The former is up over 600 per cent in six months in conjunction with the boom in the cybersecurity sector.
Although the latter was only up 30 per cent in six months, the company just announced a takeover bid from Pacific Equity Partners that has boosted it a further 40 per cent today:
South Australia is the next best state with its four stocks returning an average of 163 per cent. One of these is smart light-maker Buddy Technologies (ASX:BUD) which has gained 400 per cent in recent months.
Buddy particularly excited investors after its LIFX brand announced the world’s first “disinfecting anti-bacterial smart light”, which it expects to release to market in Q4.
Among states with a larger contingent of tech stocks, it is a close battle but Victoria comes out on top with a return of just over 101 per cent.
Despite being the only state to experience a significant second COVID-19 wave, Victoria has been home to a number of tech success stories.
One is communications software company Whispir (ASX:WSP). After listing last year and stagnating for some months it has taken off after winning several public sector contracts.
Tesserent (ASX:TNT) is another booming cybersecurity play. , standing out with its earnings growth and acquisitions.
Other Victorian winners include Internet of Things (IoT) tracking tech company Sensera (ASX:SE1) which has likewise seen earnings growth and contract wins, as well as takeover target Vault Intelligence (ASX:VLT).
Nipping at the heels of Victoria’s tech sector is Queensland’s, up 101 per cent in six months.
The Sunshine State’s best performers include intelliHR (ASX:IHR) which was recently a recipient of an investment from tech entrepreneur Bevan Slattery, and battery tech stock Novonix (ASX:NVX).
Western Australia is slightly behind with a 99 per cent average gain across its sector.
New South Wales lags but still has a healthy 75 per cent average return. Its best performer is B2B payments stock Cirralto (ASX:CRO), up over 1,000 per cent in 6 months.
The company began taking off in July when it finally launched its platform after years of development.
At Stockhead, we tell it like it is. While Cirralto is a Stockhead advertiser, it did not sponsor this article.