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It is another positive trading day for the S&P/ASX 200 Index (ASX: XJO), up by 1.8% at the time of writing. This follows yesterday’s strong share price gains across the board.
Australia’s technology sector performed particularly strongly with few tech shares in the red today. This is likely driven by hopes the Australian economy can return to normal quicker than anticipated.
Bigtincan operates in the fast-growing sales enablement niche within the IT software market. Bigtincan provides organisations and their sales teams with a platform to access and collaborate on content and improve customer engagement.
It also leverages artificial intelligence through features which enable users to personalise and recommend content. Its core offering is accessible to users on a range of desktop and mobile platforms through devices like iPads.
Bigtincan’s was caught up in the wider market selloff on the ASX over the past few months, triggered by the coronavirus crisis. Its share price declined from $1.02 in mid – February to $0.265 in mid – March, a massive 73% decline. Since then, its share price has recovered a large part of that loss and is up another 6% today to currently trade at $0.795.
Audinate’s uses its audio networking solutions in the production of a range of professional audio equipment. Its core networking solutions improve audio quality using ethernet or fibre optic cables. This ultimately reduces the need for extra cabling and installation.
A recent market update showed that Audinate believes it is in a relatively strong position to navigate through current economic challenges. This is supported by a very healthy $30.9 million cash on hand and is underpinned by a strong balance sheet. This shows the ability to deliver solid revenue growth in the March quarter.
Like Bigtincan, Audinate has seen a strong bounce back in its share price since mid-March. This rally in its share price continued further today with a strong 10.6% gain at the time of writing.
Online fintech lender, Wisr has also seen a rally in its share price since mid-March. Wisr is up another 8% today, although its market rally is not as strong as either Bigtincan’s or Audinate’s. Its current share price of $0.162 is still 49% below its February high of $0.315.
Wisr’s loans are used for a range of purposes such as debt consolidation, buying a vehicle, home renovations, wedding and travel. With discretionary spending dramatically reduced during the coronavirus, it’s not surprising its share price has been hit hard in recent months. However, renewed optimism in the Australian economy has helped to drive its share price higher today.
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Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO and BIGTINCAN FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.