Tech Stocks Keep Heads Above Water
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[Sydney, AUSTRALIA] IT, Internet and telecommunications stocks were the top floats of the financial year in terms of growth and premiums, despite plenty of bubble victims falling by the wayside, according to share market analyst EquityCafe.
EquityCafe listed top performers as being Kaz Computer Services and Objectif Telecommunicaitons Ltd, one of the first successful post-correction floats. Objectif is a software development company that produces operational support system products for the telecommunications and service industries. Other companies which ranked highly were accounting software producer MYOB, Open Telecommunications, Melbourne IT, Powerlan, Telemedia Networks International and Technology One. EquityCafe's Floats Scorecard 2000 report did not include backdoor listings or follow-on issues such as Telstra 2.
MYOB CEO Craig Winkler said successful entrants to the stock market had "credible business propositions that have long term sustainable competitive advantage. If pre-revenue then a clear plan as to where revenues and profits will come from and a defensible position in the market long term." MYOB listed in July '99 and topped the list for absolute growth from issue. Over the financial year its share value grew from issue price of $2 to close at $5.09.