Which are 5 NZX cheap technology stocks to explore in October?

Highlights

• Demand for technology stocks has increased due to increased digitisation trends amid the COVID-19 pandemic.
• ikeGPS Group announced the retirement of Mr Rick Christie.
• TruScreen witnessed an 8% rise in the uptake of Single Use Sensor (SUS) consumption in China in Q1 FY22.

The COVID-19 pandemic has accelerated digitisation trends with demand for technologies soaring as people work from home and demand for various internet and web devices also increased.

Subsequently, technology stocks have been gaining attention amid increased digital adoption.

Let’s have a look at how these 5 NZX technology stocks are doing.             

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Southern Charter Financial Group Limited (NZX:SNC)

Mobile and web development service provider, Southern Charter, witnessed no COVID-19 impact during the year. SNC’s interest income reduced due to lower bank interest rates while expenses were also diminished due to lower legal costs incurred on due diligence activities.

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SNC board is also looking at business prospects to invest in and procure via a reverse takeover transaction.

SNC ended the day flat at $0.008.

Geo Limited (NZX:GEO)

Smart software solutions provider for mobile businesses, Geo announced on 6 October that the company had finalised the first tranche placement of 20,276,581 shares, raising nearly $2.6 million.

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The placement of the second tranche of ordinary shares will be contingent on shareholder consent at the Company’s FY21 meeting.

GEO ended the day 0.52% in green to close at $0.193.

Plexure Group Limited (NZX:PLX)

On 1 October, Plexure completed the acquisition of an Australian company that provides data analytics and transaction management services, Task Retail Pty Limited.

The contract is valued at AU$120 million while all other regulatory requirements have been completed, with Daniel Houden taking over as PX1's president and executive director.

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The deal will help both the firms in increasing their customers by taking advantage of the combined synergies and abilities of both the businesses.

PLX ended the day 1.75% in red to close at $0.56.

IkeGPS Group Limited (NZX:IKE)

ikeGPS Group announced on Friday that Mr Rick Christie would step down as Chairman at the end of October. He has served for over 7 years in the role of Chairman and will stay as an Independent Director of IKE until March 2022.

Mr Alex Knowles would be the new replacement for Mr Rick Christie as the Chairman. Mr Knoles currently is a Deputy Chair and Non-Executive Director of IKE.

IKE ended the day flat to close at $1.

TruScreen Group Limited (NZX:TRU)

TruScreen witnessed COVID-19 delays in all regions with its sales numbers down by 12% to $1.13 million and revenue down by 23% to $1.97 million in FY21. The first quarter of FY22 witnessed a continued uptake of Single Use Sensor (SUS) consumption in China with about 51K SUS consumed in April to July, up by 8%.

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The Group is aiming at continuous product innovation and improvement, growth in its key markets and rapid expansion in China.

TRU ended the day 3.23% in green to close at $0.064.

Bottom Line

Technology stocks are likely to do well amid increased demand for technology in various sectors.

(NOTE: Currency is reported in NZ Dollar unless stated otherwise)