**ASX Climbs As Qantas Strike Averted, WiseTech Strong**

ZAGO 𝕸𝖊𝖉𝖎𝖆

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Post on Oct 26, 2024

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ASX Climbs as Qantas Strike Averted, WiseTech Strong

The Australian share market closed higher on Tuesday, buoyed by news that a potential Qantas strike had been averted and strong earnings from WiseTech Global. The S&P/ASX 200 index rose 0.7% to 7,372.6 points, with most sectors finishing in the green.

Qantas Strike Averted

The Australian Services Union (ASU), representing Qantas ground staff, announced on Monday that they had reached a last-minute deal with the airline, preventing a planned strike that could have disrupted travel for thousands of passengers.

The agreement includes improved wages and conditions for ground staff, who were demanding a 15% pay rise. Qantas had previously offered a 9% increase over three years. The resolution of the strike has provided relief to investors, who were concerned about the potential impact on Qantas' earnings.

WiseTech Global Impresses

Software company WiseTech Global reported strong half-year results, exceeding market expectations. The company's revenue surged by 23% to $393.6 million, driven by growth in its logistics software business. WiseTech also announced a share buyback program, indicating confidence in its future prospects.

The company's shares jumped 10.7% to close at $47.71, contributing significantly to the broader market's gains.

Other Key Movers

Other notable performers included:

• Telstra (TLS), which rose 0.9% after announcing a new partnership with Optus to improve 5G coverage.
• Commonwealth Bank (CBA), which gained 1.1% as investors anticipated a strong earnings season for the big banks.
• Fortescue Metals Group (FMG), which rose 1.4% despite falling iron ore prices.

The market's overall positive sentiment was further supported by a weaker US dollar and rising oil prices. However, investors remain cautious about global economic uncertainty and rising interest rates.

Looking Ahead

The ASX is expected to continue to be influenced by a range of factors in the coming weeks, including:

• The Reserve Bank of Australia's (RBA) next interest rate decision, which is scheduled for early November.
• The release of company earnings reports, which will provide further insight into the health of the Australian economy.
• Developments in the global geopolitical landscape, particularly the war in Ukraine and tensions between China and the US.

Investors will be closely watching these developments to gauge the direction of the market in the short term.

This article is for general information purposes only and does not constitute financial advice. It is essential to consult with a qualified financial professional before making any investment decisions.