October Tech Winners: ASX tech sector falls 4.43pc, still top YTD

The  S&P/ASX 200 Information Technology sector is down ... and up. It fell 4.43 per cent in October but remains the ASX’s top performer, up 41.95 per cent YTD.

'This does not compute!' Picture: Getty Images

The S&P/ASX 200 Information Technology sector fell 4.43 per cent in October in what was a weaker month for global markets but remains the ASX's top-performing sector of 2024, up 41.95 per cent YTD.

Source: S&P

The US Nasdaq Composite index – the bellwether for the global tech sector – fell 0.5 per cent in October.

Global X investment strategist Billy Leung told Stockhead that despite the significance of macro factors such as the US elections, geopolitics, and RBA commentary, Australian tech stocks were largely impacted by company-specific events.

"Other ASX sectors, including Energy and Materials, underperformed largely due to external pressures like China’s economic slowdown and the lack of clear policy stimulus, which impacted commodity demand," he said.

"Against this, Australian tech remains a more internally driven sector, with company fundamentals playing a pivotal role."

October's top ASX tech winners 

Code	Name	Price	% Change	Market Cap
TZL	TZ Limited	0.08	321%	$20,526,649
NVU	Nanoveu Limited	0.043	115%	$21,711,676
VR1	Vection Technologies	0.017	113%	$22,552,012
XPN	Xpon Technologies	0.014	100%	$5,074,181
VIG	Victor Group Hldgs	0.05	67%	$28,611,334
LIS	Lisenergy	0.195	66%	$128,040,046
AI1	Adisyn Ltd	0.065	63%	$15,752,406
FLX	Felix Group	0.24	50%	$49,079,931
XF1	Xref Limited	0.21	45%	$39,707,486
PPK	PPK Group Limited	0.505	37%	$45,860,311
LNU	Linius Tech Limited	0.002	33%	$11,730,481
1CG	One Click Group Ltd	0.012	33%	$11,386,411
AVA	AVA Risk Group Ltd	0.13	33%	$37,718,030
FND	Findi Limited	6.4	32%	$313,767,814
SOR	Strategic Elements	0.05	28%	$23,440,422
RWL	Rubicon Water	0.325	27%	$78,225,907
CT1	Constellation Tech	0.0025	25%	$3,686,834
VNL	Vinyl Group Ltd	0.13	24%	$152,075,596
ZMM	Zimi Ltd	0.011	22%	$1,525,635
SLX	Silex Systems	5.25	22%	$1,245,518,001
AXE	Archer Materials	0.27	20%	$70,082,929
SMN	Structural Monitor	0.69	19%	$94,777,746
SPZ	Smart Parking Ltd	0.7	19%	$244,494,044
KYP	Kinatico Ltd	0.13	18%	$56,366,958
NXL	Nuix Limited	7.74	18%	$2,543,621,982
360	Life360 Inc.	21.97	16%	$4,089,133,257

TZ Ltd (ASX:TZL) rocketed 321 per cent higher in October with news that it had entered into a Heads of Agreement to acquire Proptech company, Keyvision Holdings,  a “high margin, recurring revenue proptech company that provides tenant experience apps for the property sector: residential; commercial; retail; aged care and community groups”, according to the announcement.

TZL also reported  its latest quarterly reports, including revenue of $2.8m, short of the targeted $3.7m plan, with the company impacted by delays to projects in the US that would have delivered an additional $750K in top line revenue.

While the US operating subsidiary fell short of their quarterly revenue target, TZL said the Australia New Zealand region, ASIA and EMEA, all exceeded revenue expectations for the quarter.

Nanoveu (ASX:NVU) rose 115 per cent higher during October with news it planned to acquire EMASS, a company which has advanced chip technology that allows devices to perform complex tasks quickly without relying on the internet.

By purchasing EMASS for $5 million in shares, NVU gains access to unique technology and patents. This innovation can create glasses-free 3D experiences, making products more engaging across various devices. Investors are excited as NVU plans to integrate this technology into its own offerings, potentially opening up new opportunities in the AI market.

Vection Technologies (ASX:VR1) rose 113 per cent in October. During the month VR1 announced that it had partnered with IT giant Dell to launch its AI-based ‘Algho’ platform, securing its first sale of $500k.

Algho is powered by the core AI technology of TDB, a generative AI company Vection is acquiring, and will now be  available to Dell’s salesforce and channel partners.

VR1 said the collaboration positionsed Vection at the forefront of AI and spatial computing, providing advanced enterprise-ready AI solutions to Dell’s global customer base.

Li-S Energy (ASX:LIS) rose 66 per cent in October, announcing during the month a globally significant breakthrough for its unique lithium sulfur cell chemistry.

The latest substantial improvement in the performance of its battery technology brings the company even closer to commercialising its tech as it targets the rapidly growing drones, defence and electric aviation markets where weight is critical.

Life360 (ASX:360)rose around 16 per cent  in October as Leung said investors positioned ahead of the company’s Q3 results.

"Life360, known for its family safety and location-sharing app, has seen strong traction by monetising a high-margin subscription model," he said.

"The business is expected to maintain this growth while driving towards profitability in FY24, setting it as a promising tech player in Aussie market."

October's worst ASX tech losers 

Code	Name	Price	% Change	Market Cap
NOV	Novatti Group Ltd	0.034	-56%	$13,816,342
ATV	Active Port Group	0.02	-51%	$7,068,831
CML	Connected Minerals	0.2	-44%	$8,271,642
LVH	Livehire Limited	0.028	-38%	$10,685,208
BCC	Beam Communications	0.09	-36%	$8,123,661
ADA	Adacel Technologies	0.32	-35%	$24,423,996
SMP	Smartpay Holdings	0.615	-34%	$148,795,230
DRO	Droneshield Limited	0.945	-31%	$832,869,977
ICE	Icetana Limited	0.017	-29%	$4,498,683
CAG	Caperange	0.145	-28%	$13,761,704
HTG	Harvest Tech Group	0.013	-28%	$11,272,346
IXU	Ixup Limited	0.011	-27%	$18,380,845
8CO	8Common Limited	0.03	-27%	$6,722,847
DUG	DUG Tech	1.835	-27%	$249,077,920
SIS	Simble Solutions	0.003	-25%	$2,260,352
DUB	Dubber Corp Ltd	0.017	-25%	$23,581,498
ERD	Eroad Limited	0.83	-22%	$155,341,925
ODA	Orcoda Limited	0.155	-21%	$26,219,346
FCT	Firstwave Cloud Tech	0.022	-21%	$37,620,426
W2V	Way2Vatltd	0.008	-20%	$7,256,400
TYR	Tyro Payments	0.775	-18%	$408,415,236
KNO	Knosys Limited	0.04	-18%	$8,645,548
WHK	Whitehawk Limited	0.01	-17%	$5,033,126
CF1	Complii Fintech Ltd	0.022	-15%	$12,581,437
WTC	Wisetech Global Ltd	118.28	-14%	$39,560,138,629

WiseTech Global (ASX:WTC) suffered a 14 per cent decline in October after allegations of misconduct by founder, executive director and CEO Richard White. It was announced on October 24 that White would transition to a strategic advisory role.

"The company’s CargoWise platform, widely used by large freight forwarders, continues to support its growth," Leung said.

"WiseTech also has expansion opportunities through new offerings, including Container Transport Optimisation and ComplianceWise, which are expected to support its long-term strategy.

"Investors are looking to the upcoming Investor Day in December for reassurance on management stability and the company’s growth roadmap."

At Stockhead, we tell it like it is. While Li-S Energy is a Stockhead advertiser, it did not sponsor this article.

Originally published as October Tech Winners: ASX tech sector falls 4.43pc, still top YTD