Australia's tech stocks eye their best half-year performance since H2 2020

Link Administration Holdings

30/06/2023 24:27

** Australian technology subindex  .AXIJ  advances 29% in
the first half of 2023; their biggest half-yearly pct gain since
2H 2020
    ** AXIJ tracks a strong performance in the tech-heavy Nasdaq
 .IXIC , which is up nearly 30% this year
    ** Potential stabilization in monetary policy aided gains
after Federal Reserve indicated there may not be further
interest rate hikes this year provided inflation was moderated
 .N 
    ** Nasdaq eyes best half-year performance since H2 1999 
    ** Growth stocks are interest rate sensitive as they
categorise as risky assets; investors pour in money in hopes of
getting outsized returns at some point in future 
    ** Accounting software makers Xero  XRO.AX , WiseTech Global
 WTC.AX  and Altium  ALU.AX  advanced between 5.3% and 32% this
year
    ** Share registry firm Link Administration  LNK.AX ,
however, has lost 8.1% in value this year 
    ** LNK has struggled to recoup losses after Australia's
competition regulator raised concerns about its proposed buyout
by Canadian firm Dye & Durham  DND.TO   urn:newsml:reuters.com:*:nL4N2Y301A urn:newsml:reuters.com:*:nL1N2YD0GB
    ** EML Payments  EML.AX  is trading flat so far this year,
after posting losses for four straight half years; the stock is
still recovering from regulatory woes and a weak FY23 outlook 
    ** ASX-listed shares of Block Inc  SQ2.AX  have lost over
44.2% since their listing on the domestic bourse on Jan. 20,
2022

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))