ASX All Tech index launched this week
Australia's answer to the NASDAQ index, America's tech-heavy market index, launches today across the Tasman.
The S&P/ASX All Technology Index was formally launched on Friday with the first stocks trading today, and will include Computershare (CPU), buy-now, pay later operator Afterpay (APT), REA Group (REA) and Altium (ALU) but is lead by former NZX darling, Xero, giving what could be called New Zealand companies at least two of the top spots.
Federal Minister for Science and Technology Karen Andrews said the new tech index would "play a big role in increasing the tech sector's visibility and will make it easier for everyday Australians to invest in tech companies, and share in their success."
Meanwhile here in New Zealand tech stocks continue to flourish, albeit without the focus and support a dedicated index brings in terms of investor focus.
With the departure of Xero for its sole listing on the Australian market in 2018, only a handful of tech stocks remain on the local board. New Zealand investors remain somewhat wary of wider tech company listings. The TIN 200 report puts the New Zealand tech sector at $12 billion in revenue, with around $8 billion in export earnings alone, but many of the top companies remain in private hands or end up sold to offshore interests.
Yet with a growing number of tech companies operating in New Zealand, from traditional players like Datacom through to new market operators such as game developers, surely it must only be a matter of time before Kiwis can invest in local tech providers on a local tech-heavy stock market.
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