Xero and Two Other ASX Tech Stocks Break All-Time Records on Thursday

2 min read | November 07, 2024 04:05 PM AEDT | By Team Kalkine Media

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Xero and Two Other ASX Tech Stocks Break All-Time Records on Thursday — Image source: Shutterstock

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Highlights:

Xero Ltd (ASX:XRO) hits a new all-time high, rising by 0.72% to reach $154.78.

Nuix Limited (ASX:NXL) and Adveritas Ltd (ASX:AV1) also reached new record highs today.

ASX tech stocks are outperforming most sectors, following positive momentum from the Nasdaq Composite Index.

Xero Ltd (ASX:XRO) saw its share price rise by 0.72%, reaching an all-time high of $154.78. This marks a significant milestone for the accounting software-as-a-service (SAAS) company, even though no new announcements were made on the day. Xero’s performance reflects a broader trend of strong growth in the Australian technology sector, with several companies reaching new peaks.

Alongside Xero, Nuix Limited (ASX:NXL) also hit a record high of $7.78, representing a 2.23% gain over the previous day's closing price. Like Xero, Nuix did not release any new information but continues to benefit from the overall positive market sentiment surrounding Australian tech stocks.

The third notable performer, Adveritas Ltd (ASX:AV1), saw its shares increase by 2.4%, reaching a new high of 8.5 cents. This advertising technology company also did not release any updates but contributed to the positive momentum in the ASX tech sector.

The performance of these stocks comes as the S&P/ASX 200 Information Technology Index (ASX:XIJ) rose by 0.41%, outperforming the broader market, which saw the S&P/ASX 200 Index (ASX:XJO) rise by just 0.065%. The uptick in Australian tech stocks is closely following the performance of the Nasdaq Composite Index, which surged by 2.93% overnight, driven by gains in major tech companies like Tesla Inc (NASDAQ:TSLA). This rally is partly attributed to the outcome of the recent U.S. Presidential election, with investors optimistic about the potential policies under the newly re-elected President.

For Xero, the strong performance is supported by its continued focus on digitalising small and medium-sized businesses (SMBs) globally. The company’s expanding total addressable market (TAM) and its shift towards profitable growth position it well for future development. Despite reaching new highs, analysts continue to see Xero as well-placed to benefit from global digitalisation trends, with high-frequency data and strategic moves such as potential mergers and acquisitions identified as key growth drivers.

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