Australia's Tech Stocks Trump U.S., Asia With 200% Rise

WiseTech, Appen, Altium, Afterpay and Xero make up new group
Australia’s WAAAX has rallied more than U.S. and China peers

Bloomberg’s Jackie Edwards reports on the surge of Australia’s WAAAX stocks.(Source: Bloomberg)

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By Jackie Edwards and Matthew Burgess

March 18, 2019 at 6:00 PM UTC

Updated on

March 19, 2019 at 10:00 AM UTC

This article is for subscribers only.

In the U.S. there’s FAANG and in Asia, it’s BAT. Down Under, a burgeoning tech sector has its own five-letter acronym: WAAAX.

The term encompasses a group of Australia’s better known technology stocks: WiseTech Global Ltd., Appen Ltd., Altium Ltd., Afterpay Touch Group Ltd. and Xero Ltd. And they’ve been good bets so far: WAAAX shares have outperformed their China and U.S. peers as investors sought exposure to the global rally that has sent U.S. tech equities soaring since 2017.