Afterpay Ltd (ASX:APT) and Xero Limited (ASX:XRO) are 2 of the best performing ASX tech shares today. Here’s what’s been going on
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What a difference a day makes! Yesterday, we reported on how the ASX tech sector, specifically, the S&P/ASX All Technology Index (ASX: XTX), was on the brink of a bear market. A bear market is when an index falls by more than 20% from its most recent high. And yesterday, ASX tech shares were indeed knocking on that door.
But today, the sun has come out, so to speak. A the time of writing, the All Technology Index is up a healthy 3.3%, putting a floor (at least for now) under the losses of the past month or so.
So let’s look at some of the best performing tech shares today.
4 top-performing ASX tech shares
Afterpay Ltd (ASX: APT)
Afterpay is, at the time of writing, one of the top performers on the S&P/ASX 200 Index (ASX: XJO) today with a 7.8% rise to $115.85 a share. It’s a remarkable comeback from earlier in the week, which saw Afterpay shares lose more than 12% of their value at one point.
As my Fool colleague reported this morning, Afterpay has also announced today that its European expansion plans are on track with the now-completed acquisition of Pagantis, which seems to have helped sentiment as well.
Even after this move, the Aferpay share price still remains down almost 27% from where it was a month ago.
Hub24 Ltd (ASX: HUB)
Hub24 is another company that is performing well today, with its shares up 4.14% at the time of writing to $21.46. The Hub24 share price has had a brutal month, falling close to 25% from around $25.80 a month ago to yesterday’s closing level.
However, today’s upwards move has cut that fall to around 16%. That’s despite the bumper earnings that Hub24 delivered a couple of weeks ago, which included a 39% surge in net profits.
Temple & Webster Group Ltd (ASX: TPW)
The online furniture retailer is having a pretty joyous day today as well, with Temple & Webster shares rising 5.14% at the time of writing to $8.70 apiece. However, like Hub24 and Afterpay, this disguises what has also been a rough month for the company.
Even after today’s moves, the Temple & Webster share price remains down around 27% from the highs we were seeing in mid-February. It also remains around 8.7% lower than where it was just last Thursday.
Xero Limited (ASX: XRO)
The Xero share price is another top-performing tech share today. At the time of writing, Xero shares are up a healthy 3.1% to $111.68 a share. That’s still down around 16.5% from where they were a month ago, and almost 25% lower than where this ASX tech share started the year.
Even so, the company’s price-to-earnings (P/E) ratio still stands at a relatively lofty 470 at today’s prices, and the Xero share price remains up by nearly 50% over the past 12 months.
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Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO, Hub24 Ltd, and Temple & Webster Group Ltd. The Motley Fool Australia owns shares of Xero. The Motley Fool Australia has recommended Hub24 Ltd and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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