{"id":5326,"date":"2024-02-04T18:30:28","date_gmt":"2024-02-04T18:30:28","guid":{"rendered":"https:\/\/economicherald.net\/?p=5326"},"modified":"2024-02-04T18:30:28","modified_gmt":"2024-02-04T18:30:28","slug":"asx-tech-january-winners-indian-focused-fintech-findi-tops-winners-list-as-sector-rises-for-start-of-2024","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5326","title":{"rendered":"ASX Tech January Winners: Indian-focused fintech Findi tops winners list as sector rises for start of 2024"},"content":{"rendered":"

ASX tech sector rises 1.18% in January in line with broader markets and tech-heavy NASDAQ
\nFindi tops tech winners list in January after announcing successful option conversion
\nEP&T Global announces positive net operating cash flow for the second consecutive quarter\u00a0<\/p>\n

The S&P ASX 200 Info Tech (ASX:XIJ) index was up 1.18% in January, in line with the benchmark S&P ASX 200 (ASX:XJO) which rose 1.19% for the month to finish at a record high of 7680.7 points.<\/p>\n

The US NASDAQ index, the bellwether for the global tech sector which rallied by more than 44% in 2023, was up ~2.70% for January.<\/p>\n

The NASDAQ was rising steadily throughout January until US Fed Reserve chair Jerome Powell appeared to crash the party.<\/p>\n

While the Fed held its funds rate steady at 5.25%-5.55% for the month, language used by Powell at a press conference on January 31<\/a> unsettled traders, and tore through interest rates sensitive stocks, leading to a big selloff in the NASDAQ.<\/p>\n

Powell said while the Fed\u2019s interest rate target is \u201clikely at its peak for this tightening cycle \u2026 we are not declaring victory, we think we still have a way to go.\u201d<\/p>\n

\u201cI don\u2019t think it\u2019s likely that the committee will reach a level of confidence by the time of the March meeting,\u201d Powell added.<\/p>\n

\u201cIf we get very strong inflation data, and it kicks back up then we\u2019ll go slower or later.\u201d<\/p>\n

\u00a0<\/p>\n

Here are the top ASX Tech Winners for January 2024<\/h2>\n

Scroll or swipe to reveal table. Click headings to sort.\u00a0<\/em><\/p>\n

<\/div>\n
Code Name Price % Change Market Cap FND Findi Limited 1.62 57% $75,153,880.34 AI1 Adisyn Ltd 0.026 53% $4,197,688.98 MP1 Megaport Limited 12.71 38% $1,985,877,628.80 IS3 I Synergy Group Ltd 0.008 33% $2,432,642.94 DRO Droneshield Limited 0.49 32% $287,712,197.17 EPX Ept Global Limited 0.033 32% $14,715,152.43 XPN Xpon Technologies 0.026 30% $7,893,812.39 VR1 Vection Technologies 0.027 29% $29,291,313.19 FLX Felix Group 0.2 25% $40,899,942.60 DTC Damstra Holdings 0.23 21% $59,312,881.39 HTG Harvest Tech Grp Ltd 0.018 20% $14,119,266.76 IOD Iodm Limited 0.27 20% $146,183,961.60 SLX Silex Systems 5.14 18% $1,177,370,914.25 RCL Readcloud 0.055 17% $8,333,656.79 DTL Data#3 Limited 9.78 16% $1,494,441,258.24 HYD Hydrix Limited 0.022 16% $5,338,595.79 EVS Envirosuite Ltd 0.09 15% $113,562,003.24 SPX Spenda Limited 0.015 15% $55,792,238.90 MX1 Micro-X Limited 0.12 14% $54,476,139.06 EOS Electro Optic Sys. 1.18 13% $187,503,426.57 EML EML Payments Ltd 0.895 13% $337,427,449.20 EXT Excite Technology 0.009 13% $11,963,175.59 GTH Gathid Ltd 0.018 13% $4,741,522.29 ACE Acusensus Limited 0.87 10% $107,439,978.75 X2M X2M Connect Limited 0.044 10% $8,615,259.28 <\/div>\n

WordPress Table Plugin<\/a><\/p>\n

ASX-listed Indian-focused fintech\u00a0Findi (ASX:FND)<\/a><\/strong> topped the tech winners list in January. FND announced in January<\/a> it had\u00a0received $10.7 million in cash and issued 11,942,609 fully paid new shares in the company, through the conversion of 11,942,609 listed options (ASX: FNDOB), each having an issue price of 90 cents\/ share.<\/p>\n

The remaining 6,289,678 listed options have expired unexercised.<\/p>\n

\u201cThe option conversion was strongly supported by existing shareholders and is a clear endorsement of Findi\u2019s strategy and the results being delivered by the board and management team,\u201d says chairman Nicholas Smedley.<\/p>\n

\u201cThese funds, together with the funds raised from the Piramal Alternatives placement in November 2023, ensure that Findi is well capitalised and provides flexibility with respect to pursuing growth and scale through accretive acquisitions, the expansion of the FindiPayfootprint and product offering and the roll-out of white label ATMs.<\/p>\n

\u201cOur application for a white label ATM licence remains before the Reserve Bank of India and we remain confident that the licence will be granted in the near term.\u201d<\/p>\n

EP&T Global (ASX:EPX)<\/strong><\/a> was also on the winners list in January after announcing positive net operating cash flow for the second consecutive quarter including net operating cash flow for the December 2023 quarter of $300k.<\/p>\n

Cash receipts for the quarter increased 52% on pcp to $4 million with total cash on hand of $700k at December 31, 2023<\/p>\n

EPX focuses on AI and Machine learning to optimise energy efficiency, reduce GHG emissions and lower the costs of running commercial property across multiple markets globally, including Australia, the UK and Europe.<\/p>\n

EPX also launcehd a capital raising at an offer price of 2 cents per new ordinary share to raise ~$2.3 million. The capital raising comprises a placement to sophisticated and professional investors, and a 1-for-5.95 pro rata accelerated non-renounceable entitlement offer.<\/p>\n

At the big end of the tech sector Megaport (ASX:MP1)<\/strong><\/a> skyrocketed 30% on January 30 and 38% for the month after a solid December update.<\/p>\n

The data centre and network services company reported total revenue for the Q2 FY24\u00a0 of $48.6 million, which was 5% higher compared to Q1 FY 24.<\/p>\n

Q2 FY annual recurring revenue was $191.7 million in December 2023, up 1% QoQ, which was negatively impacted by currency headwinds. The strong turnaround in profitability saw MP1 deliver positive EBITDA of $15.1 million for Q2 FY24, flat QoQ.<\/p>\n

\u00a0<\/p>\n

Here are the biggest ASX Tech Losers for January 2024<\/h2>\n

Scroll or swipe to reveal table. Click headings to sort.\u00a0<\/em><\/p>\n

<\/div>\n
Code Name Price % Change Market Cap NET Netlinkz Limited 0.005 -44% $23,118,598.88 WHK Whitehawk Limited 0.014 -42% $5,935,273.00 NOV Novatti Group Ltd 0.053 -36% $18,705,063.74 AHI Advanced Health 0.085 -32% $20,521,387.31 SOV Sovereign Cloud Hldg 0.05 -30% $22,400,444.35 ID8 Identitii Limited 0.013 -28% $5,162,856.17 1TT Thrive Tribe Tech 0.013 -28% $3,856,079.75 NUH Nuheara Limited 0.087 -24% $25,935,333.27 NVX Novonix Limited 0.565 -23% $283,538,023.38 CF1 Complii Fintech Ltd 0.023 -21% $13,062,171.75 DTI DTI Group Ltd 0.016 -20% $7,176,822.62 FCT Firstwave Cloud Tech 0.032 -20% $54,706,580.22 GTI Gratifii 0.008 -20% $10,953,781.30 5GN 5G Networks Limited 0.185 -19% $59,910,435.73 BCT Bluechiip Limited 0.013 -19% $10,339,859.32 FBR FBR Ltd 0.022 -19% $93,267,299.52 WBT Weebit Nano Ltd 3.48 -19% $725,967,817.04 AXE Archer Materials 0.31 -18% $79,002,574.03 TAL Talius Group Limited 0.009 -18% $23,075,254.04 BLG Bluglass Limited 0.05 -18% $79,013,538.11 NXL Nuix Limited 1.56 -18% $500,034,181.45 EIQ Echoiq Ltd 0.14 -18% $69,251,612.64 <\/div>\n

WordPress Table Plugin<\/a>
\n<\/span><\/p>\n

The post ASX Tech January Winners: Indian-focused fintech Findi tops winners list as sector rises for start of 2024<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX tech sector rises 1.18% in January in line with broader markets and tech-heavy NASDAQ Findi tops tech winners list in January after announcing successful [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5327,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Tech January Winners: Indian-focused fintech Findi tops winners list as sector rises for start of 2024 - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=5326\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Tech January Winners: Indian-focused fintech Findi tops winners list as sector rises for start of 2024 - 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