These ASX tech shares beat the market handsomely over October…
The post These were the best performing ASX tech shares in October appeared first on The Motley Fool Australia. –
Over the month just gone, the S&P/ASX 200 Index (ASX: XJO) didn’t exactly have the best time. October saw the ASX 200 go backwards by around 0.1%. Certainly not the worst October the ASX 200 has ever seen (1987 anyone?) but still not exactly inspiring stuff. But on the topic of inspiration, not all ASX shares had such a lethargic month. The ASX tech share space had a far more lucrative October.
The S&P/ASX All Technology Index (ASX: XTX) ended up seeing gains of around 2% for the month. So which ASX tech shares were the best performers on the ASX boards over October? That’s what we’ll be checking out today.
5 of the best performing ASX tech shares over October
Nearmap Ltd (ASX: NEA)
This aerial mapping company certainly did a lot better than the ASX 200 over the month just gone. Nearmap shares started the month at $1.90 apiece, but ended up finishing at $2.21 last Friday. That puts Nearmap’s October performance at a healthy 16.3%. We don’t exactly know what sparked this run, but (as we covered last week), some positive broker sentiment may have helped.
Dicker Data Ltd (ASX: DDR)
Data storage share Dicker Data also managed a strong month over October. The Dicker Data share price began the month at $12.61. By the end of the month, it was asking $14.99, up a robust 18.9%. In this case, it looks as though Dicker’s well-received quarterly earnings report that the company delivered early last week has assisted mightily with this performance. Perhaps understandably, the 16.1% increase in year-on-year revenues this ASX tech share reported seems to have given investors a confidence boost.
Appen Ltd (ASX: APX)
Former WAAAX darling Appen managed to turn its ship around over October, surely much to the delight of its recently-suffering shareholders. Appen had been caught up in a nasty share price slide for most of the year (it’s still down more than 56% year to date). But it still had an October to remember. Appen shares rose from $8.96 at the start of the month to finish up at $10.75 last Friday, a rise of roughly 20%. My Fool colleague Mitchell covered this shift in fortune just yesterday, but it seems to be largely down to this ASX tech share’s Quadrant acquisition, as well as positive broker sentiment here.
Nuix Ltd (ASX: NXL)
Another beaten-down ASX tech share that had a far better October than most is Nuix. This company went from $2.52 a share at the end of September to finish up at $3.08. That’s a rise of 22.22%. Again, the rise of Nuix over October is hard to pin down. But the appointment of Jonathan Rubinsztein as the company’s new CEO seems to have at least partly assisted here.
Life360 Inc (ASX: 360)
Our final ASX tech share to check out today is the software company Life360. This company started the month out at $8.98 a share, but was commanding a price of $10.99 by the end of the month, a rise of 22.4%. Like Dicker Data, a quarterly earnings update seems to have been the major catalyst behind this October jump. Life360 reported year-on-year revenue growth of 45% last week, which prompted the Life360 share price to hit a record high. No wonder its October performance was one of the ASX’s best.
The post These were the best performing ASX tech shares in October appeared first on The Motley Fool Australia.
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Motley Fool contributor 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 and has recommended Appen Ltd, Dicker Data Limited, Life360, Inc., and Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd, Dicker Data Limited, and Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.