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How did ASX tech shares perform today?

Are ASX tech shares bouncing back? We take a closer look.

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Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • There were promising signs for ASX tech shares today, with the technology sector outperforming the broader ASX 200
  • Block, Megaport, and Elmo were among those ASX tech shares to post gains
  • The ASX tech sector also outperformed its US counterpart

ASX tech shares showed signs of recovery today, outperforming the broader S&P/ASX 200 Index (ASX: XJO).

The S&P/ASX All Technology Index (ASX: XTX) climbed 0.89%, while the S&P/ASX 200 Info Tech Index (ASX: XIJ) jumped 0.97%. In contrast, the ASX 200 fell 0.51%.

Let's take a look at how the technology sector fared today.

Young woman thinking with laptop open.

Image source: Getty Images

Tech recovery

ASX 200 technology shares Megaport Ltd (ASX: MP1) and WiseTech Global Ltd (ASX: WTC) gained 1.78% and 0.26% respectively. Meanwhile, Altium Limited (ASX: ALU) rose 2.21% and TechnologyOne Ltd (ASX: TNE) finished 0.97% in the green.

Another ASX tech share that performed well today was Elmo Software Ltd (ASX: ELO). The cloud-based HR and payroll software company reported it had delivered more strong growth during the first half of FY22. Elmo's share price gained 3% in today's trade.

Appen Ltd (ASX: APX) also climbed 1.93%, while Xero Limited (ASX: XRO) jumped 0.29% and Computershare Limited (ASX: CPU) increased 0.22%.

Buy now, pay later share Block Inc CDI (ASX: SQ2) ascended 4.23%, while Zip Co Ltd (ASX: Z1P) dipped slightly by 0.37%.

The Block share price gained on the back of its New York Stock Exchange listing Block Inc (NYSE: SQ) jumping 3.49% in Monday's session. Intel Corporation (NASDAQ: INTC) announced Block will be among the first three customers to use its new blockchain accelerator.

ASX tech shares often follow in the steps of their US counterparts, however today they outperformed them. The Nasdaq-100 Technology Sector Index (NASDAQ: NDXT) climbed 0.18% in the United States on Monday. As dailyfx reported, US markets ended broadly lower on Monday, but technology shares bucked this trend and finished slightly ahead. Tesla Inc (NASDAQ: TSLA) gained 1.83%, while Nvidia Corporation (NASDAQ: NVDA) and Amazon.com Inc (NASDAQ: AMZN) finished 1.33% and 1.22% in the green respectively.

ASX tech share summary

The All Technology Index has descended 19% over the past year, while it is down 16% year to date.

Meanwhile, the Info Tech index has fallen 26% in the past year and 18% year to date.

For comparison, the ASX 200 has gained nearly 5% in the past year and dropped 3% year to date.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Altium, Appen Ltd, Block, Inc., Elmo Software, MEGAPORT FPO, WiseTech Global, Xero, and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Appen Ltd, Elmo Software, WiseTech Global, and Xero. The Motley Fool Australia has recommended Amazon, MEGAPORT FPO, and Nvidia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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