The S&P/ASX 200 Index (ASX: XJO) is in positive territory again today, up by 3.12% at the time of writing.
It has been a particularly good day for a number of ASX tech companies with some strong share price rises.
Here are 3 ASX tech shares that have performed particularly well today.
Dicker Data Ltd (ASX: DDR)
Dicker Data is a wholesaler of computer hardware, software and cloud-based solutions both in Australia and in New Zealand. Its share price is up by a very healthy 9% today, and what’s even more interesting is how it has performed over the past few weeks since the share market correction really took hold on 20 February.
During that time, Dicker Data shares have actually risen from $4.40 to $5.12, whereas the overall market has seen a sharp fall. I believe that investors are attracted to the company right now because of the higher demand for computer equipment as more people are forced to work from home.
The company also has a very healthy 6% fully franked dividend yield, and its recent financial results for FY 2020 revealed strong Australian revenue growth of 17% and even stronger New Zealand revenue growth of 38%.
WiseTech Global Ltd (ASX: WTC)
WiseTech is a global developer and provider of software solutions to the logistics industry and is a member of Australia’s WAAAX group of tech shares. The company operates across 150 countries and the impact on its supply chains related to the Chinese market, in particular, has been quite significant over the past few months. This has led to a sharp decline in its share price. However, Chinese factories are now starting to re-open, although there are still some restrictions in other markets.
WiseTech shares are up by a substantial 10% today, and this follows some strong rises over the past 4 days, although high share price volatility remains. Bargain hunters appear to be entering the market to purchase a top quality ASX tech share at what looks like a very attractive price.
Carsales.Com Ltd (ASX: CAR)
Carsales share are up by more than 11% today, and this comes on the back of some volatile trading on the online automotive classifieds provider over the past few weeks. Carsales recently provided a coronavirus market update, where it noted that its international business currently remains resilient, with both its Korean and Brazilian operations performing well.
However, due to the uncertainty in its core Australian market, guidance for FY 2020 was withdrawn. Although I think there could be a significant impact on new car sales advertising volumes in the months ahead, I believe that used car advertising will remain more resilient.
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Motley Fool contributor Phil Harpur owns shares of carsales.com Limited and WiseTech Global. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended carsales.com Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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