Tech stocks upgraded on the ASX

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Tech stocks upgraded on the ASX

Optus parent SingTel and technology retailers JB Hi-Fi have been promoted to the Standard and Poor's ASX 100 after the ratings firm conducted a review of the shell-shocked local stockmarket.

Health software ISV IBA Health was also promoted to the S&P/ ASX 200, while IT reseller Data#3 and telecoms provider SP Telemedia were both added to the All Ordinaries Index.

Being promoted to a higher tier tends to attract a company a larger share of institutional funds.

Technology stocks have fared comparatively in the financial shakeout better than some of their mining and financial peers.

Demoted companies include Babcock and Brown, Centro and Coca-Cola Amatil.

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