Kogan Leads Way Down As Aussie Tech Stocks Pounded
Opening as usual only a few hours after US stockmarkets closed, the ASX saw Australian stocks take their biggest hit in eight months, with A$49.6 billion wiped from the boards.
As in the US, technology-related stocks were among the worst hit, though local high-end equipment maker Netcomm went the other way, rising five cents to 80c, while business software house Data#3 was unchanged at $1.53.
Online goods flogger Kogan, though not technically a technology stock, took one of the biggest hits, dropping 6.7 percent to $4.88. Technology One – very much a tech stock – dropped 18c to $5.17; Telstra shed 10c or 3.1pc to $3.11 – which wouldn’t do much to cheer its already disgruntled shareholders; and networker TPG was down three percent at $7.68.
Technology distributor Dicker Data lost 2.7pc, though with the shares at just 8c there wasn’t much to lose. Leading tech goods retailer JBH hung in pretty well at 24.56, down just half a percent, while accounting software flogger MYOB finished at $3.52, down 4c or 1.24pc.
Rapidly expanding datacentre outfit NextDC dropped 2.9pc to 19c. Undersea cable layer and fibre networker Vocus finished at 11c, down 3.5 percent.