CHART: Australian tech stocks have blown away resources this year

Australian technology stocks have absolutely blown away metals and mining over the past year, with the technology stocks in the S&P/ASX 200 index posting a 5.6% return in 2015, while resources stocks are down a whopping 27.4%.

Over this same period the overall ASX200 is down just over 5.5%, which can in large part be explained by the cratering of the resources companies, along with the poor performance of financial stocks.

There are just six technology stocks in the S&P/ASX 200 – Carsales, Computershare, MYOB, Iress, Technology One and ALtium.

There are 31 resources companies in the index, including major players like BHP, Woodside Petroleum, Fortescue Metals and Santos.

Many of the resources companies have been hit hard by a rapid decline in commodity prices, a trend that Macquarie Bank predicts will continue. China is slowing, which in turn is hurting global steel production.

The price of iron ore is hovering around $40 a tonne, and a congruence of factors have caused oil prices to tumble more than 30% this year.

Meanwhile Carsales shares have rebounded from a fall earlier this year, after posting a 34% rise in revenue. MYOB re-listed on the stock exchange this year, and has copied the subscription business models of its peers.

Australian technology companies outside of the ASX200 have done well also, shares in Megaport popped more than 70% after its IPO last week.

Freelancer recently announced a 42% jump in revenue in a single quarter as it acquired new customers and businesses.

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