AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- On a sectoral front, all 11 sectors ended lower today (June 14).
- IT was the second worst-performing sector on ASX today.
- Meanwhile, ASX All Technology Index closed at 1,892.50 points, down 3.90%
ASX 200 Index closed in the red as all 11 sectors ended lower today (June 14). The energy sector was the worst-performing, followed by IT with the ASX All Technology Index closing at 1,892.50 points, down 3.90% or 76.90 points.
It seems that the ASX 200 tech shares plunged so much because of the rising inflation.
According to the most recent data from the United States, inflation in May brought annual CPI rates up to 8.6%. This happened after inflation fell from 8.5% in March to 8.3% in April, fueling speculation that the world's largest economy had reached its peak.
Investors are ready for more aggressive interest rate hikes from the US Federal Reserve and other central banks worldwide as chances of peak inflation fade. Higher rates put pressure on growth companies, such as ASX 200 tech shares, which are generally valued based on long-term earnings projections.
The Federal Reserve will meet today to decide its next step. Most analysts have predicted a 0.50% increase, with some predicting a 0.75% increase.
On that note, let's look at the performance of these three ASX-listed tech companies.
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Wisetech Global Limited
WiseTech Global Limited (ASX:WTC) is a logistics software solutions provider based in Australia. The company creates, sells, and integrates software that helps logistics service providers move and store goods and data both locally and globally.
WiseTech's shares last traded at AU$36.64 each, down 6.03% on ASX today (14 June 2022). The company's shares have recorded negative growth of more than 37% YTD.
Source: andersikov | Megapixl.com
Xero Limited
Xero (ASX:XRO) is a company that provides cloud-based accounting software. Accept payments, bank connections, asset management, adviser tools, and bank reconciliation are among the features and functions of its software platform.
Xero shares closed 1.24% lower at AU$81.90 apiece today. The company's shares have fallen more than 40% YTD.
Link Administration Holdings Ltd
Link Administration Holdings (ASX:LNK) is an IT solutions provider based in Australia. It specialises in tailoring solutions to each client's specific needs. The company was listed on the ASX on 27 October 2015.
Link Administration shares last exchanged hands at AU$3.95 each, down 6.39% on ASX today. The shares have provided a negative growth of around 29% on a YTD basis.
Also Read: XRO, WTC, CPU: How are these ASX-listed tech stocks performing?
