One year on and 50% up, the All Technology Index is booming
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Next week marks one year since the
S&P/ASX All Technology Index (ASX: XTX) debuted. Launched at the end of February 2020, the All Technology Index debuted just in time for the March market meltdown.
The index saw its value tumble 42% between launch and the March 2020 low point. But all was not lost since its March low, the index has regained 159% and is now up 50.5% from its debut, having performed on par with the NASDAQ 100 over the same period.
The All Technology Index was designed to be representative of Australia’s burgeoning tech sector. Consisting of 46 companies with a combined market capitalisation of over $100 billion on debut, the index now includes 69 companies with a combined market capitalisation of over $170 billion. The top 10 companies in the index, by market capitalisation, are:
3 compelling ASX growth shares to buy
Tristan Harrison | January 20, 2021 12:20pm |
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Here are some of those ideas:
Audinate is an ASX growth share that owns the Dante platform, which distributes audio signals across computer networks. The company boasts about being the lead supplier of digital and audio video networking for the professional AV industry.
The sectors of corporate conferences and higher education have been recovering well for Audinate since May. However, other groups of Audinate’s customer groups are still struggling, such as live sound and large events.
In the first quarter of FY21, it generated revenue of US$5.2 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of AU$0.3 million. For the first half of FY21 it made US$11.1 million of revenue.
Based on management accounts produced for the six months to 31 December 2020, the company expects to report revenue growth of 40% to $46.5 million in its upcoming report. The annual recurring revenue rose by 30% to $70.1 million. It also said that its research and development investment went up 45% to $11.1 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) went up 74% to $11.8 million and net profit after tax (NPAT) grew by 70% to $7.2 million.
The company said that its cash balance was $27.7 million at 31 December 2020.
Objective Corporation’s CEO, Tony Walls, commented on potential customer wins: “Engaging on some new customer opportunities proved more difficult than usual in the first half of FY21, but we expect the strong momentum demonstrated in the first half to continue for the full financial year.”
Top fund managers reveal 3 top ASX shares to buy for 2021
Tristan Harrison | January 14, 2021 9:33am |
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There was a huge amount of disruption in 2020 due to the COVID-19 pandemic.
These businesses have been identified by fundies as among the best opportunities for 2021:
Downer is the choice of fund manager Matthew Kidman from Centennial Asset Management.
The ASX share boasts that it has a history dating back over 150 years. It designs, builds and sustains assets, infrastructure and facilities and it’s the leading provider of integrated services in Australia and New Zealand.
Downer is currently in the process of restructuring its business and it’s selling assets. A recent sale was a mining business. Mr Kidman said that it’s selling its lumpy, heavy capital intensive components, and going into a much more capital-light service-based business with a lot of long-term government contracts.