**ASX 200 Edges Up, Wisetech Gains, Week Ends**

ZAGO 𝕸𝖊𝖉𝖎𝖆

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Post on Oct 26, 2024

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ASX 200 Edges Up, Wisetech Gains, Week Ends

The Australian share market closed the week on a slightly positive note, with the ASX 200 edging up by 0.2% on Friday. The gains were driven by a strong performance from the technology sector, which saw a boost from Wisetech Global, a leading provider of software solutions for the logistics industry.

Wisetech Global Soars

Wisetech Global (WTC.AX) shares surged by 5.8% on Friday, reaching a new all-time high. The company's strong performance was attributed to its recent acquisition of FreightWaves, a leading provider of freight market data and analytics. This acquisition is expected to significantly enhance Wisetech's offerings and bolster its position in the global logistics market.

Sector Performance

While technology led the way, other sectors also saw gains. Financials and energy contributed to the overall positive sentiment. However, healthcare and consumer discretionary sectors performed slightly weaker.

Week's Highlights

The week saw several key developments that impacted the market:

• Reserve Bank of Australia (RBA) Interest Rate Decision: The RBA held interest rates steady at 3.6%, as expected. The bank indicated that it is closely monitoring inflation and the labor market, suggesting that further rate hikes are likely in the coming months.
• US Inflation Data: US inflation data came in higher than expected, dampening hopes of an imminent pivot from the Federal Reserve. This news contributed to some volatility in the market throughout the week.
• Earnings Season: A number of ASX-listed companies released their earnings results this week, providing investors with insights into corporate performance. Some notable results included Woolworths (WOW.AX) and Commonwealth Bank (CBA.AX).

Looking Ahead

The ASX 200 is expected to remain volatile in the coming week, as investors continue to digest the latest economic data and corporate earnings. The focus will be on the US Federal Reserve's next interest rate decision scheduled for the end of July. With inflation still elevated and the labor market remaining strong, the Fed is expected to hike rates again, which could have implications for global markets.

Investors will also be keeping an eye on developments in the Chinese economy and the ongoing Russia-Ukraine conflict. These factors will continue to influence investor sentiment and market direction.

Overall, the ASX 200 ended the week on a positive note, but volatility is likely to persist in the near term.