financetom
Market
financetom
/
Market
/
Australia shares end slightly higher on Wall Street-led tech boost, as WiseTech jumps
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Australia shares end slightly higher on Wall Street-led tech boost, as WiseTech jumps
Oct 27, 2024 6:21 PM

*

ASX 200 logs worst week since early September

*

Tech stocks log best day since mid-August

*

WiseTech CEO changes role; shares soar

*

Qantas shares close at record high

*

Whitehaven up 5%

(Updates to close)

By Adwitiya Srivastava

Oct 25 (Reuters) - Australian shares closed higher on

Friday, underpinned by technology stocks as overnight gains on

Wall Street boosted the sub-index, with software developer

WiseTech Global ( WTCHF ) surging as its CEO Richard White shifted to a

new role.

The S&P/ASX 200 index rose 0.1% to 8,211.3 at the

close, but declined 0.9% for the week - its worst weekly drop

since early September.

Technology stocks advanced 3.3% to their best day

since mid-August, tracking the Nasdaq's overnight rise on EV

maker Tesla's positive earnings forecast and a drop in

Treasury yields from a three-month high.

Software maker WiseTech Global ( WTCHF ) ended 12.7% higher

to log best session since August 25, after the company's

billionaire founder and CEO, Richard White, moved to a

consultancy position following several damaging accusations

about his personal life, which he has denied.

"The tech sector did the heavy lifting on the ASX today,

thanks to gains in the Nasdaq overnight and a rebound in the

WiseTech Global ( WTCHF ) share price," said Tim Waterer, chief market

analyst at KCM Trade.

"It's been a rocky week for the WiseTech stock price, but

the changes announced by the company seem to have alleviated

some concerns about Richard White's role moving forward."

Miners climbed 0.2% on rising iron ore prices.

Sector leaders BHP Group ( BHP ) and Rio Tinto

added 0.3% each.

Financials added 0.2%, boosted by the Commonwealth

Bank of Australia's ( CBAUF ) 0.4% gain.

Among individual stocks, Australian flag carrier Qantas

Airways ( QUBSF ) surged 1.5% to record its highest close ever,

after raising its first-half domestic revenue expectations.

Australia's biggest independent coal miner Whitehaven Coal ( WHITF )

ended 5% higher in its best session in a month, after

reporting quarterly production ahead of market expectations.

New Zealand's benchmark S&P/NZX 50 index dropped

0.3% points to close at 12,771.61.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
McDonald's, ON Semiconductor And 3 Stocks To Watch Heading Into Monday
McDonald's, ON Semiconductor And 3 Stocks To Watch Heading Into Monday
Jul 29, 2024
With U.S. stock futures trading higher this morning on Monday, some of the stocks that may grab investor focus today are as follows: Wall Street expects McDonald’s Corporation to report quarterly earnings at $3.07 per share on revenue of $6.61 billion before the opening bell, according to data from Benzinga Pro. McDonald’s shares fell 0.3% to $251.18 in after-hours trading....
Japan's Nikkei rebounds in broad-based buying after Wall Street comeback
Japan's Nikkei rebounds in broad-based buying after Wall Street comeback
Jul 28, 2024
TOKYO, July 29 (Reuters) - Japan's Nikkei share average rebounded on Monday from a three-month low hit in the previous session, after Wall Street closed higher at the end of last week on a benign inflation report. The Nikkei rose 1.99% to 38,415.75 by the midday break in a broad-based rally, while the broader Topix was up 1.88% at 2,750.28....
Dow Jumps Over 650 Points Following Inflation Data: Fear & Greed Index Moves To 'Neutral' Zone
Dow Jumps Over 650 Points Following Inflation Data: Fear & Greed Index Moves To 'Neutral' Zone
Jul 29, 2024
The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index moving to the “Neutral” zone on Friday. U.S. stocks closed higher on Friday, with the Dow Jones index jumping around 650 points during the session following the release of recent inflation data. The headline Personal Consumption Expenditure (PCE) price index fell to...
Analysis-US stock turbulence throws spotlight on Big Tech's valuations
Analysis-US stock turbulence throws spotlight on Big Tech's valuations
Jul 29, 2024
NEW YORK (Reuters) - A bruising selloff in U.S. stocks is putting a sharper focus on valuations of the tech names such as Nvidia ( NVDA ) and Microsoft ( MSFT ) that have driven markets higher for most of this year. Despite a recent pullback, the S&P 500 tech sector is trading at 29.5 times 12-month earnings estimates, near...
Copyright 2023-2025 - www.financetom.com All Rights Reserved