S&P/ASX 200 Index (ASX: XJO) tech shares are broadly outperforming the benchmark index today.
Heading into the lunch hour, the ASX 200 has given back its early morning gains and is currently down 0.3%.
Meanwhile, the S&P/ASX All Technology Index (ASX: XTX), which also contains some smaller companies outside of ASX 200 tech shares, is up an impressive 3.6%.
The broader based gains among the technology sector look to be driven by a strong showing on the NASDAQ yesterday (overnight Aussie time), with the tech heavy US index closing up 1.8%.
But some ASX 200 tech shares are charging far higher.
These ASX 200 tech shares are on fire today
The Megaport Ltd (ASX: MP1) share price is up 13.5% at the time of writing, trading for $6.23 per share.
With no price-sensitive announcement out from the cloud connectivity and networking solutions provider, the ASX 200 tech share looks to be benefiting from the wider tech rebound along with some likely bargain hunting. Despite today’s bounce, the Megaport share price remains down 68% year-to-date. Investors may also be tuning into a bullish note out recently from Goldman Sachs, which has a $13.10 price target on the company’s shares.
There’s also no fresh news out from Life360 Inc (ASX: 360). Yet the ASX 200 tech share is up 7.5% today, to $3.49 per share. The company provides location sharing information apps for the safety of families and their pets. It may also be enjoying a lift from some bargain hunting today, with the share price still down 64% in 2022. The company was also among Bell Potter’s top picks for FY23. The broker has a $7.50 price target on Life360 shares.
$320 million in prepaid cards
The third ASX 200 tech share shooting the lights out today is EML Payments Ltd (ASX: EML). The payment solutions provider is currently trading for $1.43 per share, up 10.9% in intraday trading.
EML also remains down 56% year-to-date. But atop from some bargain hunting in the tech space, the company is also getting a boost from its release this morning announcing that Correos, Spain’s national post office network, will issue 500,000 virtual prepaid cards loaded with 400 euros each. The move is intended to support Spain’s cultural sector, which is still recovering from the COVID-19 restrictions.
EML estimated the total value loaded to the prepaid cards will be AU$320 million at current exchange rates. It said this will contribute to revenues and earnings in FY23.