Conference/Tweets/Presentations/News, page-1407

ASX creates the Aussie Nasdaq

Paul SmithTechnology Editor
Dec 16, 2019 — 12.00am
Save
Share
Australian investors will be able to track and back the ASX's booming tech stocks with greater clarity from next year, with the launch of a new S&P technology index that will highlight the winners and losers in a sector that is growing rapidly with IPOs of companies from around the world.
The new index, which will officially launch on February 21, will be known as the S&P All Technology Index or the S&P AllTech for short, and will be a smaller version of the US's Nasdaq composite index.

NitroAustralia chief executive Sam Chandler with Max Cunningham of the ASX at the IPO launch last week.
Whereas the Nasdaq attracts tech companies with a valuation of $1 billion-plus, the local version will typically attract IPOs in the tens of millions to hundreds of millions valuation range.
Investors and other market watchers will be able to keep an eye on how the fastest-growing segment of the market is performing, without having to individually analyse numerous relatively small-cap stocks.
The launch will be attended by CEOs of most of the so-called WAAAX stocks (WiseTech, Appen, Afterpay, Altium, Xero) and is a further crystallisation of a longstanding push by the ASX to become an international venue for technology stocks; offering companies an alternative to later-stage venture capital if they are too small for the Nasdaq.