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Reporting for Investing News Australia
In 2019, Investing News Network (Vancouver, British Columbia) committed providing dedicate coverage of the Australian Resource, Technology and Cannabis industries, including the people, events, news, and information that make Australia such an exciting arena for smart investors. The INN Australia Desk includes editors, writers, production coordinators, and executives dedicated to independent financial education and news of interest and investors in Australian markets.
Scott is from Melbourne, where he obtained an arts degree majoring in politics at La Trobe University and a masters degree in journalism from the University of Melbourne.
He worked in Melbourne, country Victoria and Far North Queensland in a variety of roles ranging from digital media intern to community reporter before he came to INN Australia.
Ronelle Richards is a freelance journalist and editor based in Melbourne. She covers news, business, finance, mental health, travel and anything else that piques her curiosity. Tweet her @ronellerichards
- Ashley received an advanced diploma in Print and Digital Journalism from Humber College in Toronto. She has experience in copy-editing, marketing and production coordination.
- Danielle is a staff writer with INN. She graduated from the Master of Journalism program at Carleton University after completing her undergraduate degree in Media Studies at the University of Guelph-Humber. She's written for the Globe and Mail, the Canadian Press, the National Post and the Brampton Guardian. She spends her time covering the cannabis market for INN.
- Nicole is the Editorial Content Coordinator at INN, helping to create and manage educational content with a primary focus on gold. Nicole found her passion for all things finance while working in syndication and investor relations for a boutique investment banking company. Nicole has her BA in media studies and a postgrad in public relations. She holds a diverse writing portfolio covering topics such as finance, lifestyle and travel.
- Bryan is a Senior Editor with INN. After graduating from the Langara journalism program he did some freelance reporting with community newspapers in British Columbia. He initially wrote about the life science space for INN and now spends his time covering the marijuana market, from Canadian LPs to US-based companies, and the impact of this sector on investors.
ASX Tech Stocks: 9 Biggest Companies
Australia may be nicknamed the "land down under," but it's far from under when it comes to the economy.
Australia has strong economic conditions, which include affordability, a low public debt level and rising income. Impressively, before COVID-19, the nation had not experienced a recession in more than 30 years.
While many countries faced economic challenges as the pandemic caused worldwide shutdowns, the closures only accelerated Australia's move toward digital solutions. With monumental shifts in how business, banking and education are done, there came an increased focus on artificial intelligence (AI), fintech and more.
Here, the Investing News Network shares the top ASX tech stocks by market cap, according to TradingView's stock screener. All numbers and figures for these top ASX technology companies were accurate as of October 22, 2023.
1. Block
Market cap: AU$42.41 billion; current share price: AU$69.67
Block (ASX:SQ2) is a global leader in fintech based in California that was founded in 2009. Composed of Square, Cash App, Spiral, TIDAL and TBD, Block has aimed to make the economy more accessible.
Square enables entrepreneurs and businesses to sell with tap-enabled tiles that are powered by mobile technology, instead of requiring a typical clunky point-of-sale system. Cash App allows users to send, receive and invest money effortlessly. Spiral gives out grants for users to "get paid in Bitcoin to work in Bitcoin." TIDAL is a global music, podcast and video-streaming platform built to personalise the listener's experience and give artists due credit for their work. TBD is a new open-source cryptocurrency platform.
In December 2021, Block officially changed its name from Square to incorporate its many facets. The following month, it completed its acquisition of the once-leading ASX tech company Afterpay. Each of Block's subsidiaries provides a means of expanding the economy by giving individuals and companies tools to participate.
In its Q2 2023 results, Block reported US$1.87 billion in gross profit, an increase of 27 percent year over year.
2. Computershare
Market cap: AU$15.25 billion; current share price: AU$25.02
With principal operations in share registry services, Computershare (ASX:CPU) helps security holders redeem electronic shares. Computershare had its beginnings in 1978 as one of the first tech startups in Melbourne. It has since grown to employ 14,000 staff, with over 25,000 clients in 22 countries.
On the enterprise level, the company assists businesses with things such as share registry services, employee equity plans and corporate trust services. Among all of its business divisions, the maintenance of shares remains Computershare's primary generator of revenue. It also acquired Wells Fargo Corporate Trust Services in November 2021, and more recently in September 2023, it announced that it has agreed to acquire the European public equity share plan business of Solium Capital UK (which trades as Shareworks by Morgan Stanley), further expanding its global presence.
In its 2023 annual report for its year ended June 30, Computershare reported US$3.3 billion in management revenue, an increase of 27.2 percent year over year.
3. REA Group
Market cap: AU$20.51 billion; current share price: AU$155.27
REA Group (ASX:REA) is focused on global online real estate advertising. The company has its headquarters in Richmond, Australia, and conducts business in North America and Asia as well with 15 brands in its network.
In its financial year 2023, the company enjoyed a strong financial performance, with revenue of US$1.18 billion.
4. WiseTech Global
Market cap: AU$19.88 billion; current share price: AU$60
Logistics software company WiseTech Global (ASX:WTC) serves multinational companies and small businesses, with over 17,000 clients in 174 countries. CargoWise, its hallmark product, improves automation and visibility in supply chains. It is designed to help businesses scale and to assist them in processes related to customs, tariffs, warehousing and freight container management.
WiseTech has completed several acquisitions in recent years as it continues to expand. In 2023, it acquired Blume Global, a provider of a leading supply chain software, as well as Envase Technologies, a provider of transport management system software for intermodal trucking, drayage and landside logistics in North America. These moves were in line with a number of previous deals in Argentina, Spain, Norway and Turkey.
In October, WiseTech acquired MatchBox Exchange, a platform for reusing shipping containers in land logistics. This move addresses the global demand for eco-friendly supply chain practices, and enhances WiseTech Global's role in the logistics industry.
In the 2023 fiscal year, Wisetech reported total revenue of AU$816.8 million, an increase of 29 percent from the year prior.
5. Xero
Market cap: AU$16.59 billion; current share price: AU$109.55
Software developer Xero (ASX:XRO) creates cloud-based accounting tools for businesses. The firm's suite of tools has over 3.7 million subscribers and boasts over 1,000 integration capabilities. Among its accounting features are offerings designed for project management, invoicing and payroll. For example, by integrating both PayPal (NASDAQ:PYPL) and Stripe into its platform, Xero has added payment features to its online invoices, allowing users to accept payments or pay directly when they get an invoice.
Serving enterprise, small business and banking customers alike, Xero's clients include the four largest banks in Australia: National Australia Bank (ASX:NAB,OTC Pink:NAUBF), the Commonwealth Bank of Australia (ASX:CBA,OTC Pink:CBAUF), Westpac Banking (ASX:WBC,NYSE:WBK) and Australia and New Zealand Banking Group (ASX:ANZ). Xero has partnered with several international banks in countries from the UK to South Africa.
In 2023, Xero reported 1.39 billion New Zealand Dollars, an increase of 28 percent year-over-year.
6. Carsales.com
Market cap: AU$7.63 billion; current share price: AU$20.90
Carsales.com (ASX:CAR) is a large online business based in Australia that specialises in classified listings for automotive, motorcycle and marine vehicles. The company is the largest of its kind in the country, with over 1,800 employees around the world and operations everywhere from Brazil to South Korea.
In March of 2023, Carsales.com announced it would be acquiring an additional 40 percent of Brazil-based digital car marketplace Webmotors, bringing its total ownership of the company to 70 percent.
In its 2023 annual report, the company reported revenue of AU$509 million, an increase of 53 percent from the year prior.
7. SEEK
Market cap: AU$7.63 billion; current share price: AU$20.93
SEEK (ASX:SEK) is a human resource consulting company based in Melbourne, with operations in several other countries including China, New Zealand, Mexico, Brazil and more. SEEK develops technology products for online employment.
In its most recent annual report, the company announced revenue of AU$1.22 billion, up 10 percent versus the previous period.8. NEXTDC
Market cap: AU$6.27 billion; current share price: AU$11.86
NEXTDC (ASX:NXT) is a data centre company. Utilising energy-efficient methods, NEXTDC's data centres connect its over 1,800 customers to various cloud infrastructure systems. With several of the largest companies in Australia using its data and colocation services, NEXTDC operates 12 facilities that power high-performance computing demands in addition to hosting services.
The top ASX tech stock connects its clients to some of the world's largest cloud providers, including names such as Amazon’s (NASDAQ:AMZN) Web Services, Microsoft (NASDAQ:MSFT) Azure, Alphabet's (NASDAQ:GOOG) Google Cloud, Oracle (NYSE:ORCL), IBM (NYSE:IBM) Cloud and Alibaba (NYSE:BABA).
In its financial year 2023, the company reported total revenue of AU$362.4 million, an increase of 25 percent from the year prior.
9. Altium
Market cap: AU$5.42 billion; current share price: AU$40.20
Having created an interface specifically for 3D printing, Altium (ASX:ALU) works principally in 3D-printed circuit board (PCB) computer-aided design. Included in its products is Altium Designer, which is targeted towards designers and engineers who want to transfer their designs to reality. It takes into account the limitations of materials, physics and the tools that manufacturers are using. Altium is the leading software interface of its kind in the world, and the tech company claims that the user base for Altium Designer grows by 6,000 new clients annually.
Beyond this technology, Altium offers PCB design tools such as CircuitStudio, which enables individuals to design circuit board layouts. The industries that Altium serves include everything from automotive to entertainment.
In its fiscal 2023, the company reported US$263.3 million in revenue, representing growth of 19.2 percent.
FAQs for ASX tech stocks
Why are tech stocks down?
Tech stocks usually don’t fare well when interest rates are on the rise, as they are currently.
Global recession fears are also weighing on growth-oriented tech stocks, making them riskier bets for investors, especially when higher bond yields are looking more attractive. While some tech companies have had a solid year, uncertainties loom due to recent economic challenges and geopolitical tensions.
What's the future for ASX tech stocks?
Australia is a technologically advanced country with a rapidly growing tech industry. Its technology sector ranks 19th in competitiveness out of 64 nations. According to the Australian government, the technology sector contributed about AU$167 billion, or 8.5 percent, of the country’s total GDP in 2020/2021.
This is an updated version of an article first published by the Investing News Network in 2019.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Matthew Flood, hold no direct investment interest in any company mentioned in this article.
What are the top ASX tech stocks? Here’s a breakdown of what investors need to know about the biggest tech companies in Australia.
ASX Agriculture Stocks: 5 Biggest Companies
The agriculture sector is one of the largest and most important industries in the world.
In recent years, the space has faced the environmental challenge of soil and biodiversity erosion caused by climate change, and new geopolitical tensions have only amplified this issue. Ukraine is a major exporter of wheat, corn and seed oils, and its production has been curbed due to Russia's invasion. Meanwhile, Russia and Belarus are facing sanctions.
These circumstances and others have led to higher prices for various fertilisers.
Looking at Australia, agriculture is an important industry. Exports reached a record AU$92 billion for the country in the 2022/2023 period, and although a decline in value is projected in the 2023/2024 segment, it will still be third highest on record.
With these circumstances in mind, investors may want to consider adding ASX agriculture stocks to their portfolio. Below the Investing News Network has listed the top agriculture stocks on the ASX by market cap. All data was gathered using TradingView's stock screener on October 30, 2023, and market caps were above AU$1 billion at the time.
1. BHP Group
Market cap: AU$228.35 billion; current share price: AU$45.11
BHP Group (ASX:BHP) is a diversified global miner that operates in a broad range of jurisdictions and produces a basket of commodities. In terms of potash, the company is working toward production at its fully owned Jansen potash project in Saskatchewan, Canada. Potash is a key ingredient in fertiliser for the food production market.
The asset is projected to become one of the largest potash producers in the world. Output from Stage 1 is expected to begin late in the 2026 calendar year, and is set to come in at 4.35 million tonnes of potash per year.
In October 2023, BHP approved a US$4.9 billion investment for Stage 2 at Jansen. Stage 2 is expected to come online in the company's 2029 fiscal year; once the full ramp up is complete, the mine's potash production capacity should reach 8.5 million tonnes per year.
2. Incitec Pivot
Market cap: AU$5.34 billion; current share price: AU$2.72
Incitec Pivot (ASX:IPL) specialises in manufacturing and distributing industrial chemicals, fertilisers and explosives. The company plays a significant role in supporting the agriculture industry by providing fertilisers that enhance crop yields.
Its subsidiary Incitec Pivot Fertilisers manufactures ammonium phosphate fertiliser at the Phosphate Hill plant in Northwest Queensland. The site also includes a phosphate mine and ore processing facility.
In its 2023 annual report, Incitec reported earnings of AU$153 million from its fertiliser business. However, the company also discussed its plan to exit the sector, looking toward a potential sale of its fertiliser business. If this comes to pass, the purchasing company would add a significant operation to its portfolio.
3. Nufarm
Market cap: AU$1.67 billion; current share price: AU$4.30
Nufarm (ASX:NUF) is an Australian agricultural chemicals company whose operations are in Eastern Canada. Nufarm is focused on providing crop protection solutions to help farmers fight against pests, weeds and diseases. Its leading seed technology, BeyondYield, is aimed at developing better crops from the earliest stages of farming.
In September 2022, the company announced the expansion of its bioenergy platform by signing an agreement to acquire energy cane assets from GranBio. Energy cane is a novel cane crop that was made to produce 150 percent more biomass compared to conventional sugar cane, and Nufarm intends to use it to serve the biofuels market.
In the report for its 2023 fiscal year, Nufarm reported after-tax net profit of AU$111 million, up 3 percent from the previous year.
4. GrainCorp
Market cap: AU$1.53 billion; current share price: AU$6.80
GrainCorp (ASX:GNC) is an Australian agribusiness company whose focus is on the storing, handling and production of grains, edible oil, biofuel materials and animal feed. As an international company, GrainCorp sources its products from Australia, Ukraine, the UK and Canada, and its marketing team is in East Asia.
GrainCorp has worked to support both global and local communities. As of September, its GrainCorp Community Foundation had awarded over AU$400,000 in 2023 grant funding to 48 community groups across Australia and New Zealand.
The company announced "outstanding" results for its 2023 fiscal year, reporting AU$565 million in earnings before interest, taxes, depreciation and amortisation; AU$401 million came from the company's agribusiness vertical.
5. Costa
Market cap: AU$1.44 billion; current share price: AU$3.10
Costa (ASX:CGC) is Australia’s leading horticultural company and a major produce supplier for food retailers. Costa grows, packs and markets produce, and provides marketing services for growers. According to the company, it wants to stay true to its original values as a local produce shop by providing fresh food and contributing to the sustainability of the farming industry.
In September 2023, the company entered an agreement to be acquired by New York-based private equity firm Paine Schwartz. If it goes through, Costa will be delisted from the ASX in Q1 2024.
This is an updated version of an article first published by the Investing News Network in 2022.
Don't forget to follow us @INN_Australiafor real-time news updates!
Securities Disclosure: I, Matthew Flood, hold no direct investment interest in any company mentioned in this article.
Food security is rising in importance globally, and investors watching this trend are eyeing the agriculture market. Here's a look at the top five ASX-listed agriculture stocks by market cap.
Top 4 ASX Gold ETFs
In March 2022, with geopolitical tensions raised after Putin’s invasion of Ukraine, gold prices spiked to a record high. Since then, the price of the yellow metal has fallen slightly from its record of US$2,074.60 per ounce and now sits just below the US$2,000 mark.
For many investors, gold is often used to diversify an investment portfolio. Due to its intrinsic value, gold — unlike other materials in other sectors — is not as heavily affected by politics, inflation and other negative macroeconomic trends. The price of gold is relatively stable and hence operates as a fairly protected investment for portfolios.
Experts have stated that gold has historically done well in periods of high inflation and economic uncertainty, so there is still hope for the prices to rise.
Gold ETFs (exchange traded funds) allow investors to invest in gold without having to worry about the extra hassle of buying and storing physical gold — not to mention, insuring it.
There are two types of gold ETFs available on the ASX:
- ETFs that track the price of physical gold itself
- ETFs that cover a larger portfolio of companies in the mining and production of gold.
Below, the Investing News Network has listed some of the top gold ETFs on the ASX, sorted by assets under management this year. Data for the top ASX gold ETFs were retrieved from each company’s website on October 18, 2023.
1. Global X Physical Gold
Total Assets Under Management: AU$2.75 billion; current share price: AU$28.11
Previously known as ETFS Physical Gold, Global X Physical Gold (ASX:GOLD) promises a "low-cost and secure way to access physical gold via the stock exchange" while avoiding the struggle of storage. This ETF is backed by gold held in a vault at JP Morgan Chase in London. Investors can redeem physical gold, not just the cash equivalent; however, this comes with a fee of AU$1,000 per redemption. The website suggests that for smaller orders, a more cost-effective option is selling units on the secondary market.
This ETF has a management fee of 0.4 percent per annum.
2. Perth Mint Gold
Total Assets Under Management: $693 million; current share price: AU$30.32
Owned by the Government of Western Australia, Perth Mint Gold (ASX:PMGOLD) tracks the international price of gold in Australian dollars. Investments are backed by gold bullion stored in the Perth Mint. Perth Mint is the only gold product on the ASX that maintains a government guarantee for holdings.
The company website states that Perth operates under the 1987 Gold Corporation Act, which states in Section 22 that investors have a legal right to be paid what they own in its cash equivalent. Purchase of silver bullion, coins or other precious metals is also covered by the guarantee.
This ETF has a management fee of just 0.15 percent, making it the lowest cost gold ETF on the ASX.
3. BetaShares Gold Bullion
Total Assets Under Management: AU$485.57 million; current share price: AU$16.42
BetaShares Gold Bullion (ASX:QAU) is an ETF that tracks the price of physical gold. It is backed by gold bullion stored in the JP Morgan Chase vault in London. Despite the ETF being based on physical gold, you do not own physical gold by owning the ETF. Rather, when you sell your ETF, you receive the cash equivalent of the gold. BetaShares also has the second type of ETF available.
This ETF has a management fee of 0.59 percent.
4. Van Eck Vectors Gold Miners ETF
Total Assets Under Management: AU$40.18 million; current share price: AU$46.79
Van Eck Gold Bullion (ASX:NUGG) allows investors to enjoy the reliability of the gold market without the need to purchase physical gold. It is backed by physical gold bullions bars sourced from Australian gold producers.
This ETF has a management fee of 0.25 percent per annum.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Matthew Flood, hold no direct investment interest in any company mentioned in this article.
Here's a look at the top gold ETFs on the ASX by assets under management, from funds that track physical bullion to entities focused on gold stocks.
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