LVT part of Aussie Nasdaq

ASX Aussie tech index launches today

Australia will finally get its own official index of publicly listed technology companies trading on the now thoroughly virtualized floor of the Australian Securities Exchange, with ratings agency Standard and Poors today launching the much awaited S&P/ASX All Technology Index.

It is understood the highly anticipated index, that many investor expect will effectively become the NASDAQ of the southern hemisphere, will initially consist of a basket of around 46 constituent stocks, including the so-called WAAAX basket – WiseTech, Afterpay, Appen, Altium and Xero.

The launch of the S&P/ASX All Technology Index is a momentous day for the local technology sector that has for the two decades arguably struggled to spark the interest of institutional and retail investors addicted to minerals, banks and telecommunications.

The creation of the All Technology Index will also go some way to eliminating the economically debilitating cultural cringe that Australian technology purchasers, especially in software, have historically exhibited, shunning local product as too risky in favour of multinationals like SAP, Oracle and IBM.

While companies like Wisetech (previously known as Cargowise and Eagle Datamation International) have grown gradually to become multibillion dollar ASX-listed enterprises, there have been some notable misses for the local market.
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Nice to see LVT included