**Closing Bell: WiseTech, Qantas, AVM Up**

ZAGO 𝕸𝖊𝖉𝖎𝖆

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Post on Oct 25, 2024

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Closing Bell: WiseTech, Qantas, AVM Up

The Australian share market finished the day on a positive note, with the ASX 200 index closing up 0.2% at 7,356 points. The gains were driven by a strong performance from the technology sector, particularly WiseTech Global (WTC), which surged 5.7% to close at $44.25.

Tech Sector Leads the Charge

The tech sector was a standout performer, with WiseTech Global leading the charge. The company, a leading provider of software solutions for the logistics industry, benefited from strong quarterly earnings, which exceeded analysts' expectations. The company reported a 27% increase in revenue and a 38% rise in profits, signaling continued growth and robust demand for its services.

Other technology companies also experienced gains, with Altium Limited (ALU) rising 2.9% and Xero (XRO) gaining 1.6%. The positive sentiment in the tech sector was fueled by optimism surrounding the potential for technological advancements and continued global economic growth.

Qantas Takes Flight

The travel sector also performed well, with Qantas Airways (QAN) closing up 2.7% at $6.37. The airline benefitted from a strong travel demand outlook, with analysts predicting a busy summer travel season. The recent easing of travel restrictions and the gradual recovery of international travel have boosted investor confidence in the sector.

AVM Soars on Acquisition News

The mining sector also experienced a boost, with AVM (AVM) closing up 3.1% at $2.25. The company announced a significant acquisition, acquiring a major mining project in Western Australia. This news bolstered investor confidence, contributing to the positive share price performance.

Other Market Movers

Beyond these key movers, several other companies contributed to the positive market sentiment. Woolworths Group (WOW) closed up 1.4% at $38.77, while Wesfarmers (WES) gained 0.8% to finish at $48.12. The positive performance of these retail giants reflects a healthy consumer spending environment and a strong retail sector.

Looking Ahead

While the market experienced a positive day, investors will continue to monitor global economic trends and geopolitical developments. Rising inflation and interest rates remain key concerns, and investors will be watching for further indications of how these factors might impact corporate earnings and economic growth. Despite the positive close, the Australian share market is expected to remain volatile in the short term, as investors navigate a complex and uncertain global landscape.