Consider this test code for Picaxe.
for w0 = 1 to 65535 next w0
for w0 = 0 to 65535 next w0
Please feed it to your Picaxe, whatever breed. Change the directive #picaxe.... accordingly or remove it. The directive #no_data just speeds up the program load.
Now tell me, how long does it take for the ports to go high (for the LEDs to light up)?