Australia’s small cap tech stocks show no signs of slowing down. They’re up 15 per cent this year and in April they gained another 4.2 per cent.
As in previous months it is easy to attribute this rise to the performance of the broader ASX and the staggering success of buy-now-pay-later stocks as well as the WAAAX stocks.
But to give credit where it is due, over two thirds of tech stocks have gained and several have made significant gains off the back of news that excited shareholders.
Who have been the winners so far this month?
One stock went above and beyond its peers. Fintech Chain (ASX: FTC) gained 261 percent. Yes you read correct, its up 261 percent in a month from 4 cents to 14 cents.
The rise came after the company won a tender to be the sole fintech solution for a Chinese rural bank. They also completed deals with two other banks this month propelling the share price to these high levels.
The second biggest gainer was also a fintech. 8common (ASX: 8CO) rose 90 percent after a positive quarterly report where cash receipts broke through $1 million and a modest profit of $60,000 was reported.
Next was software stock Assetowl (ASX: AO1), gaining 73 percent after announcing a partnership with a real estate agency group.
Top 15 performing tech stocks in March 2019
|Ticker||Name||Market Cap||Price||Total Return (April-2019)||Total Return YTD 2019|
|FTC||FINTECH CHAIN LTD||$ 107,376,984.00||0.13||261%||171%|
|8CO||8COMMON LTD||$ 14,429,214.00||0.11||90%||214%|
|AO1||ASSETOWL LTD||$ 1,072,620.75||0.01||73%||-42%|
|NET||NETLINKZ LTD||$ 136,724,400.00||0.105||59%||228%|
|ID8||IDENTITII LTD||$ 34,346,844.00||0.68||45%||-3%|
|IAM||INTIGER GROUP LTD||$ 15,101,062.00||0.007||40%||-30%|
|BIQ||BUILDINGIQ INC-CDI||$ 13,745,428.00||0.056||40%||40%|
|GBT||GBST HOLDINGS LTD||$ 172,497,776.00||2.65||38%||76%|
|HYD||HYDRIX LTD||$ 17,397,210.00||0.026||37%||4%|
|OMN||ONEMARKET LTD||$ 84,182,600.00||0.81||35%||42%|
|RHP||RHIPE LTD||$ 337,617,408.00||2.43||34%||95%|
|PIL||PEPPERMINT INNOVATION LTD||$ 15,801,319.00||0.016||33%||0%|
|DCC||DIGITALX LTD||$ 29,625,782.00||0.06||30%||18%|
|CNW||CIRRUS NETWORKS HOLDINGS LTD||$ 50,352,892.00||0.057||30%||256%|
|SNS||SENSEN NETWORKS LTD||$ 56,504,848.00||0.135||29%||44%|
While it is anyone’s guess as to whether or not this run will continue there will likely be more tech companies to come to the ASX.
One upcoming entrant is family networking app Life360 that is due to list on the 10th of May.
This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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