- IT was one of the best performing sectors at ASX on Thursday (June 23).
- The ASX All Technology Index closed at 1,845.20 points, up 1.55% or 28.20 points.
- Technology stocks like Block Inc, Xero, and NEXTDC closed in green today.
ASX 200 index closed in the green today (23 June 2022), gaining 0.31% to end the day at 6,528.40 points.
On the sectoral front, nine of 11 sectors ended higher along with the S&P/ASX 200 Index, and IT was one of the best performing sectors today.
Meanwhile, the ASX All Technology index also closed 1.55% (or 28.20 points) up at 1,845.20 points.
Most tech stocks are closed in green today, including Block Inc, Xero Limited, WiseTech Global Limited, NEXTDC Limited and Altium Limited. In this article, we will discuss the YTD performance of these top technology stocks.
All the above-mentioned companies’ shares price fell on a YTD basis. This is mainly because of the higher interest rates. The impact of increased interest rates has been felt by almost all industries, but it wouldn't be incorrect to suggest that technology companies have been hit the hardest by the rise in interest rates.
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Data Source- ASX
Block Inc (ASX:SQ2) and its affiliates create solutions that let businesses accept credit card payments and provide reporting, analytics, and next-day settlement.
It offers hardware items such as the Magstripe reader, which enables swiped transactions of magnetic stripe cards; the Contactless and chip reader, which accepts Europay, MasterCard, and Visa (EMV) chip cards and Near Field Communication payments; the Magstripe reader, which enables swiped transactions of magnetic stripe cards; and the Square Stand, which allows an iPad to be used as a payment terminal or complete point of sale solution, among many others.
Shares of Block Inc closed at AU$88.79 apiece, up 4.73% on Thursday. The company got listed on ASX on 20 January 2022. Since then, the shares have decreased by almost 50%.
Xero (ASX:XRO) offers cloud-based accounting software. Its software platform's features include accepting payments, bank connections, asset management, adviser tools, and bank reconciliation.
Xero shares last exchanged hands at AU$76.42 per share, up 1.89% on ASX today.
WiseTech Global Limited
ASX-listed tech firm WiseTech Global (ASX:WTC) offers software for logistics. On ASX, Wistech shares ended in the green today, up 3.07% at AU$35.98 each. On a YTD basis, the company's shares have fallen more than 38%.
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NEXTDC (ASX:NXT) is a technological company involved in the construction and management of data centres. The company focuses on offering connectivity services, infrastructure management software services, and solutions for outsourcing data centres.
On Thursday, NEXTDC shares last exchanged hands at AU$10.50 apiece, up 3.86% on ASX. The company's share price has dropped almost 18% on a YTD basis.
Altium (ASX:ALU), a multinational software company, is engaged in developing and selling computer software to design electronic products. It provides printed circuit board (PCB) tools and a cloud platform for the electronics sector.
Altium shares were last spotted trading at AU$26.25 per share, up 2.26% on ASX today. The company's shares have recorded negative growth of around 42% on YTD basis.