ASX Snapshot: Melbourne IT hit hard

ASX Snapshot: Melbourne IT hit hard

The big news in tech stocks this week has been the monumental demise of domain name registry Melbourne IT as shareholders abandoned ship. The company's share price plummeted to its lowest close since the company listed last December.

More than 4.7 million shares were traded with Melbourne IT's float manager JB Holdings being one of the biggest sellers. Melbourne IT closed at $4.40 Thursday.

After low half yearly expectations Data#3 has fluctuated in the past weeks after peaking in mid July at over $1.80. Since then the new look Queensland based integrator/services company has been on a fairly steady decline closing yesterday at $1.24.

The do-it-yourself accounting software clash between MYOB and Reckon Limited (Quicken) has spilled over into the bourse arena with shareholder confidence still slightly leaning towards Melbourne based MYOB. MYOB dropped 4 per cent yesterday closing at $4.29, whereas Reckon - after posting strong fiscal year results - dropped 9 per cent yesterday to close two cents lower at $0.99.

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