Three tech stocks bucking the COVID-19 trend

13 March 2020
| By Laura Dew |
image
image
expand image

While there has been much focus on the struggles of technology stocks such as WiseTech and Webjet, there are several  others which are bucking this trend thanks to a focus on remote working.

Numerous businesses in Australia had opted to move their staff away from the office and work remotely instead to avoid the spread of the COVID-19 while others were being forced to work remotely as they may be in quarantine or self-isolation.

This had been good news for those firms which specialised in cloud-based systems.

NextDC had seen its share price rise 21% since the start of the year to 11 March, Vocus Group had returned 10.8% and ELMO Software had risen 8.4%, according to FE Analytics.

NextDC was one of the world’s largest datacentre operators with nine in Australia as well as disaster recovery solutions.

NextDC was held in the top 10 of seven funds including OC Premium Small Companies and CFS Wholesale Australian Small Companies.

ELMO Software is a cloud-based HR and payroll system used by more than 1,000 organisations across Asia Pacific.

Lastly, Vocus was a fibre and network solutions provider, with an over 30,000km fibre network, offering broadband and mobile services to consumers and businesses.

However, not all tech firms had been such a beneficiary as some such as WiseTech had been hindered by having their components manufactured in China. Others, like travel booking website Webjet, had fallen due to the effect on airline travel.

Shares in WiseTech, a provider of logistics, were down 42% and Webjet was down 46%.

Share price performance of NextDC, Vocus and ELMO Software since the start of 2020 to 11 March

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

18 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago