Key developments

Overall, most listed digital infrastructure stocks in the region are up over the last year, but with wide spreads in performance among the group. Growth in cloud and AI is improving sentiment towards DC stocks, but economic growth is expected to be sluggish relative to previous years, creating uncertain performance for other Digital Infrastructure equities.

Global Data Centre

Global Data Centre’s stock continued its strong recent performance, up over 4% in June with the company confirming financial completion of its Perth data centre, originally announced on 11 April. The stock is up 38% since the start of April.

Macquarie Technology Group

Macquarie Technology Group’s stock rose nearly 13% in June, despite the lack of any price sensitive company announcements during the month. The stock has fared well in recent times, up 21% since April 17 when the company announced it had successfully raised $100 million to support the funding of land and buildings to expand the Macquarie Park Data Centre Campus.

Cogent Communications

Cogent Communications fell close to 5% in June, despite any price sensitive company announcements during the month. The stock is down close to 32% since late February when the company released poor Q4 2023 results, where revenue was down 1.2% compared to Q3 to US$272.1m and Adjusted EBITDA was down 16% compared to Q3 to US$110.5m.

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