Today the S&P/ASX All Technology Index (All Tech Index) goes live, giving investors another vehicle to get in on some of Australia’s (and the world’s) bourgeoning tech companies.
Created in partnership between the Australian Stock Exchange and S&P Dow Jones, the All Tech Index is intended to enhance the profile of listed technology companies in Australia.
According to ASX CEO and managing director Dominic Stevens, the All Tech Index recognises the sheer mass of high-performing tech stocks trading on the Australian stock market.
“We’ve seen tremendous growth in the number of technology companies listing on ASX and the quality of their performance recently,” says Stevens.
“The All Tech Index recognises the critical mass of technology companies on ASX. It provides investors with an opportunity to see how the sector is tracking and gives them a benchmark to measure its performance.”
At launch the All Tech Index will have 46 constituents with a combined market capitalisation of more than $100 million.
“Many of the companies included in the All Tech Index started as small caps and have grown into billion-dollar companies,” says Stevens.
The All Tech Index is not exclusively for Australia-based companies; 40 are home grown, but three are based in New Zealand, two in the United States, and one from Ireland.
20 of the companies on the Index are considered tech ‘unicorns’ (valued at over $1 billion), with the vast majority working in the IT sector.
“Technology plays an important role in our lives,” says Stevens.
“ASX will continue to develop the listed technology sector to provide companies with capital to grow and investors with access to exciting opportunities. A vibrant technology sector is also good for Australia. It helps drive economic growth, strengthens the relevance of our capital markets and encourages job creation and innovation onshore.”
But who are the top guns on the Index? Business News Australia has the top ten below just for you, and some good news, they’re mostly Aussie born and bred.