Here's how ASX tech shares fared in September

It was mostly a sea of red for ASX tech shares in September…

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It was another lousy month for the S&P/ASX 200 Index (ASX: XJO) as the benchmark index shed 7.3% to finish at 6,474 points.

But as concerns over rising interest rates and inflation linger, it was no surprise to see ASX tech shares at the centre of the sell-off.

The S&P/ASX All Technology Index (ASX: XTX) suffered a steep 11.5% fall, extending its loss to 35% in the year to date.

Some ASX tech shares defied the weakness to punch higher while others languished at 52-week lows.

Let's check out the top risers and fallers from the ASX All Tech index in September.

ASX tech share gainers

The CogState Limited (ASX: CGS) share price went into overdrive in September, leaving other ASX tech shares in the dust. CogState shares rocketed 34.2% after one of the company's partners announced positive clinical trial results for an experimental drug to treat Alzheimer's disease.

The next best performer was the Megaport Ltd (ASX: MP1) share price, which racked up a monthly gain of 7.3%. Curiously, the last piece of market-sensitive news from Megaport came on 9 August when the company released its FY22 results. However, Megaport could be benefitting from bullish broker sentiment from the likes of Macquarie and Goldman Sachs.

The Tyro Payments Ltd (ASX: TYR) share price also made it onto the podium with a 6.6% rise across the month to finish at $1.30. It was a busy month for Tyro as it rejected a takeover offer at $1.27 per share, an offer that the board believes "significantly undervalues" the company. During the month, Tyro also named its new CEO. Jon Davey has been internally promoted to the top job, which he will start today.

ASX tech share fallers

While the bright spots were few and far between, it wasn't hard to find major detractors in the ASX tech sector in September.

Amongst the ASX All Tech index, the biggest laggard was the Link Administration Holdings Ltd (ASX: LNK) share price. Link shares were crunched by 33.5% across the month as the company's $2.5 billion takeover deal with Dye & Durham finally collapsed.

The Novonix Ltd (ASX: NVX) share price also had another month to forget, tumbling by 27.3% to finish at $1.76. This takes the company's year-to-date fall to a harrowing 81%.

There wasn't any news from Novonix in September but as an early-stage, loss-making business, it's more vulnerable to concerns around rising interest rates. The battery materials company handed in its FY22 results at the end of August, delivering revenue of $8.4 million and a net loss of $71.4 million.

Finally, the Silex Systems Ltd (ASX: SLX) share price took a breather in September, retreating by 27.1%. With no real news from the company, it appears investors were taking profits off the table. Silex has been one of the standout performers on the ASX this year, doubling its share price amid the global energy crisis.

Motley Fool contributor Cathryn Goh has positions in Tyro Payments. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CogState Limited, Link Administration Holdings Ltd, MEGAPORT FPO, and Tyro Payments. The Motley Fool Australia has positions in and has recommended CogState Limited. The Motley Fool Australia has recommended MEGAPORT FPO and Tyro Payments. 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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