Highlights

• Today, the benchmark index ASX200 was 0.296% lower at 7325.200 points at 3:16 PM AEST.
• At one point, the Information Technology was the best top performing sector today.
• The S&P/ASX 200 Information Technology Index (ASX:XIJ) was up 0.961% at 1596.800 points during the intraday trading session.

The Australian share market traded lower today as the benchmark index ASX200 was 0.296% lower at 7325.200 points at 3:16 PM AEST. Six of 11 sectors traded lower today while Information Technology was the best performing sector, rebounding from its recent decline. The S&P/ASX 200 Information Technology Index (ASX:XIJ) was up 0.961% at 1596.800 points during the intraday trading session. The last few months have not been so favourable for the tech stocks. This was mainly because of inflation and interest rate hike fears. The Russian-Ukraine war and rise in treasury yields negatively impacted the ASX-listed tech stocks. 

ASX200 fared poorly today because of rate hikes announced by the Reserves Bank of Australia (RBA) and other global factors. On Tuesday (3 May 2022), Board decided to increase the cash rate target by 25 bps to 35 basis points. The central bank has also raised the interest rate on Exchange Settlement balances from zero% to 25 basis points. The outlook for economic growth in Australia remains positive despite several challenges. The Australian GDP is forecasted to grow by 4¼ % over 2022 and 2% over 2023. 

When it comes to tech stocks, hawkish investors have continued to remain in a dilemma on whether they should make investments in tech stocks or go for safe-haven assets due to the current uncertainty in the global market.  

In this backdrop, let us look at the share market performance of tech stocks listed on ASX. In this article, we will look at the performance of four ASX-listed stocks, namely: Computershare Ltd (ASX:CPU), WiseTech Global Limited (ASX:WTC), Altium Limited (ASX:ALU), and Xero Limited (ASX:XRO). 

Computershare Ltd (ASX:CPU):

Today, the share price of Computershare Ltd traded 3.629% lower at AU$23.900 per share on ASX at 4:11 PM AEST. The ASX-listed stock transfer company, which is a provider of financial services, has a market capitalisation of AU$14.97 billion. The company has over 40,000 clients and AU$240bn as Assets under administration (AUM). Computershare expects its FY22 margin income to exceed AU$152m with anticipated Q4 global rate rises.

The company has kept a positive outlook for FY23, with its 2H Management EPS anticipated to be up almost 12% on pcp.

In the last one year, shares of Computershare Ltd have risen 72.81%, while the stock is up 17.39% year-to-date (YTD). 

Read More: STO, WPL, BHP: How did these ASX 50 stocks settle today?

Image Source: © Thitiphat1985photo | Megapixl.com

WiseTech Global Limited (ASX:WTC)

Shares of WiseTech Global Limited traded 0.881% higher today at AU$42.340 per share on ASX at 4:11 PM AEST. WiseTech Global Limited is an ASX-listed company which provides cloud-based software solutions to the logistics industries.

The company has a market capitalisation of AU$13.69 billion. WiseTech paid a fully franked interim dividend of AU$0.047 per share to its shareholders last month. In the last 12-months, WiseTech Global Limited shares have gained 41.04%, while the stock has fallen 29.27% YTD.   

Altium Limited (ASX:ALU):

Today, the share price of ASX-listed software company Altium Limited was spotted trading 1.081% higher at AU$31.770 per share on ASX. The company has a market capitalisation of AU$4.13 billion. 

In the half-year ending 31 December 2021, Altium's revenue increased by 28% to US$102 million. The company reported 105% Octopart revenue growth mainly due to tailwinds from the global electronic parts shortage.

 Altium's annual recurring revenue (ARR) grew by 43% during the half.

Altium shares have gained 14.78% in the last one year, while the stock has fallen 28.83% YTD.  

Xero Limited (ASX:XRO):

The share price of Xero Limited traded 2.033% higher at AU$91.830 per share on ASX during the intraday trading session today. Xero Limited is a New-Zealand based company which provides a cloud-based online accounting platform to businesses. The company commands a market capitalisation of AU$13.45 billion. The share price of Xero Limited has fallen 33.22% in the last year, while the stock is down 37.20%YTD. The company is Xero is expected to release its full-year FY22 results on 12 May. 

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