**ASX Up, WiseTech Strong, Qantas Strike Avoided**

ZAGO 𝕸𝖊𝖉𝖎𝖆

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Post on Oct 25, 2024

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ASX Up, WiseTech Strong, Qantas Strike Avoided: A Day of Positive Sentiment

The Australian stock market closed higher on Wednesday, buoyed by positive global sentiment and strong earnings reports. The ASX 200 index gained 0.8% to 7,350.4 points, marking its best close in a week.

WiseTech Global Soars on Strong Earnings

WiseTech Global, a leading provider of logistics software, was the standout performer on the ASX. The company's shares surged 10.5% after reporting a 21% increase in revenue for the first half of the financial year. The strong performance was attributed to robust demand for the company's software solutions across the globe.

Qantas Strike Averted, Shares Rise

Qantas Airways shares also saw a significant jump, climbing 2.7% after the airline reached an agreement with its pilots, averting a potential strike that could have disrupted travel plans for thousands of passengers. The deal came after weeks of negotiations and a threat of industrial action.

Positive Global Sentiment Fuels Market Optimism

The overall positive mood in the market was also driven by encouraging global economic data. The US Federal Reserve minutes released on Tuesday suggested a less aggressive approach to interest rate hikes, calming fears of an economic slowdown.

Other Notable Movers

Other notable movers on the ASX included:

• BHP Group, the world's largest mining company, rose 1.3% after reporting strong iron ore production in its latest quarterly results.
• Woodside Energy, the leading Australian oil and gas producer, gained 1.2% on the back of rising oil prices.
• Rio Tinto, another major mining company, climbed 0.9% following a positive earnings update.

Looking Ahead

The ASX is expected to remain volatile in the short term, as investors weigh the potential impact of inflation and interest rate increases. However, the strong earnings season and positive global sentiment suggest that the market could continue its upward trajectory in the coming months.

In Conclusion

The ASX's positive performance on Wednesday reflected a mixture of factors, including strong corporate earnings, a resolution of the Qantas strike, and a more optimistic global outlook. With the market looking for continued growth, investors will be closely watching economic data and corporate performance to gauge the direction of the market in the near future.