**ASX Up, WiseTech Rallies As Qantas Averts Strike**

ZAGO 𝕸𝖊𝖉𝖎𝖆

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Post on Oct 26, 2024

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ASX Up, WiseTech Rallies as Qantas Averts Strike

The Australian share market closed higher on Tuesday, with the ASX 200 index gaining 0.6% to 7,388 points. The rally was driven by a combination of factors, including a positive global market sentiment and news of Qantas averting a potential strike by its ground crew.

WiseTech Leads the Charge

WiseTech Global, a leading provider of software solutions for the logistics industry, was a standout performer on the ASX. Shares in WiseTech surged 5.3% to close at $39.50, marking their highest level in over a month. The company's strong performance can be attributed to positive investor sentiment following the release of its impressive full-year results.

Qantas Averts Strike

Qantas also saw a positive day on the ASX, with its shares climbing 1.5% to $6.19. The airline managed to avert a potential strike by its ground crew, reaching a last-minute deal with the union. The agreement avoids a strike that could have severely disrupted travel plans for thousands of passengers during the busy holiday season.

Global Market Sentiment Remains Positive

The positive sentiment in the Australian market mirrored that of the global markets, which were buoyed by optimism over the US economy. The S&P 500 and the Nasdaq Composite both rose 0.7% in overnight trading.

Other Key Market Movers

Other notable movers on the ASX included:

• Fortescue Metals shares climbed 2.4% to $21.44 after the company announced a strong quarterly production update.
• BHP Group shares rose 1.1% to $47.77, driven by the rising iron ore prices.
• Woolworths Group shares gained 0.5% to $41.09, benefiting from positive retail sales figures.

Looking Ahead

Investors will be closely watching the US Federal Reserve's interest rate decision on Wednesday, which is expected to further impact global markets. They will also be looking for updates on the Chinese economy and the ongoing war in Ukraine.

In conclusion, the ASX ended Tuesday's trading session on a positive note, driven by a combination of factors including strong company earnings, a positive global market sentiment, and a successful resolution to the potential Qantas strike. The market will continue to be impacted by global economic and geopolitical events, with investors watching closely for developments in the US, China, and Ukraine.