Afterpay is now one of the ASX’s top 20 stocks (even though it’s yet to be profitable)

Afterpay will receive an early Christmas present next week, joining the elite S&P/ASX 20 Index of the 20 largest companies by market capitalisation on December 21, alongside the likes of Coles, CBA, Rio Tinto, BHP and CSL, as the company’s share price continues to soar

The fintech (ASX: APT) now has a market cap of more than $30 billion market cap, having closed Monday’s trade up nearly 9% to $109.93 after reaching a new record high.

The company’s share price has now risen by 1135% since hitting its 2020 low of $8.90 on March 23. Afterpay’s share price is up 275% for the year and its move into the top 20 comes at the expense of  Insurance Australia Group.

The company listed in May 2016 at $1 a share. The five-year-old buy-now-pay-later provider has yet to post a profit.

In a good year for the initial top five tech stocks on the ASX – known as the WAAAX – cloud accounting platform Xero (ASX:XRO) has also had a remarkable 2020, and will be added to the S&P/ASX 50 Index next week alongside Afterpay. Xero shares climbed above $145 yesterday before closing the day at $143.94.

Meanwhile, online retailer Kogan.com will join the S&P/ASX 200 Index next Monday.

And there are also changes afoot on the ASX All Technology Index of the ASX’s top 58 tech stocks, with 11 new small caps joining the list, which launched in February this year with 46 companies worth a combined $100 billion.

The companies joining the All Tech Index are: Pointerra (ASX: 3DP), 4Dmedical (ASX: 4DX), Bidenergy (ASX: BID), Damstra Holdings (ASX: DTC), Frontier Digital Ventures (ASX: FDV), Family Zone Cyber Safety (ASX: FZO), Harvest Technology Group (ASX: HTG), Laybuy Group Holdings (ASX: LBY), Marley Spoon Ag (ASX: MMM), Over The Wire Holdings (ASX: OTW) and Tesserent (ASX: TNT).

The S&P/ASX All Technology Index (XTX) added $33 billion in value in three months to September this year.