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.
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.
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.
At Stockhead, we tell it like it is. While Cirralto and Vortiv are Stockhead advertisers, they did not sponsor this article.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.