These 5 ASX tech stocks have defied the past month’s correction; 2 have more than doubled
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The correction of the ASX tech sector hasn’t stopped a handful of stocks from notching up gains.
In the past month the ASX All Technology Index and the ASX 200 Information Technology Index have lost over 15 per cent and the average tech stock has lost 5 per cent.
But a handful of ASX tech stocks have managed to make gains despite the correction with the top 5 all gaining over 25 per cent and a couple more than doubling.
Taking the gold spot is Fargo Enterprises (ASX:FGO) (formerly known as Flamingo AI) which has made a 167 per cent gain.
The gain has occurred despite having little news other than its half yearly report and conducting a buyback among shareholders with small parcel-holders.
However in recent months the company has been overhauling its assets and reiterated to shareholders in its half yearly report that it is looking for new businesses to acquire.
Also sitting on a gain of over 100 per cent in spite of the tech correction is Peppermint Innovation (ASX:PIL). This company has a mobile payments platform, bizmoto, which it is rolling out across South East Asia, beginning in the Philippines.
It spent several months in suspension but relisted a fortnight ago and shares have rallied ever since. Last week it unveiled a distribution deal under which it would offer its customers insurance products from local insurer Cebuana Lhuillier.
In third spot is MyFiziq (ASX:MYQ) which will soon be renamed Advanced Human Imaging. This company has a smartphone app that was previously limited to measuring a person’s physique but is progressing to scanning skin conditions and vital scans.
This month shareholders have signed off on the move and the company has sealed a distribution deal for the Chinese market. It is also working on a NASDAQ listing and has appointed new board members based in the US.
Coming in fourth is fintech payments company Novatti (ASX:NOV) which has impressed investors with solid revenue figures.
It has also launched its new platform Lifepay which enables users to manage daily life transactions, personal and social finances from a mobile device.
Rounding out the list is recruitment and talent mobility tech firm LiveHire (ASX:LVH) which is up 27 per cent in the last month.
This company too has reported solid revenue figures and gains in its most recent half yearly report.
At Stockhead, we tell it like it is. While Peppermint Innovations and Novatti are Stockhead advertisers, they did not sponsor this article.