**Evening Wrap: ASX 200, Wisetech, Weekly Gains**

ZAGO 𝕸𝖊𝖉𝖎𝖆

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Post on Oct 26, 2024

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Evening Wrap: ASX 200, Wisetech, Weekly Gains

The Australian share market closed higher for the second consecutive day on Thursday, with the ASX 200 index gaining 0.64% to finish at 7,392.70 points. This positive momentum follows a week of strong gains, driven by a combination of factors including positive economic data and a more optimistic outlook for global growth.

Key Market Movers

The technology sector was a standout performer, with Wisetech Global (WTC) leading the charge. Wisetech's shares surged 7.48% to $41.60 after the company announced a strong trading update, highlighting continued growth in its logistics software business.

Other notable movers included:

• Xero (XRO), up 3.27% to $112.71
• Afterpay (APT), up 2.63% to $87.55
• SEEK (SEK), up 1.54% to $27.55

The gains in the tech sector were partially offset by weakness in the energy sector, which fell 0.79% as oil prices retreated.

Weekly Performance

The ASX 200 finished the week with a strong gain of 2.23%, marking its best weekly performance since early June. This positive momentum reflects the overall improvement in market sentiment, driven by factors such as:

• Stronger than expected economic data: The recent release of positive economic data, including the US Federal Reserve minutes and the Australian employment figures, has boosted investor confidence.
• Easing inflation concerns: While inflation remains a concern, there are signs that price pressures are starting to moderate, leading to hopes of a less aggressive monetary policy from central banks.
• Optimistic outlook for global growth: The outlook for global growth appears to be improving, with a number of major economies expected to avoid a recession.

Outlook for the Week Ahead

The coming week is likely to see continued volatility in the market as investors grapple with a number of key events, including:

• US inflation data: The release of the US consumer price index (CPI) for July will be closely watched for any signs of a slowdown in inflation.
• Australian interest rate decision: The Reserve Bank of Australia (RBA) is expected to hold interest rates steady at its meeting next week, but any changes to the RBA's outlook for inflation and economic growth will be closely scrutinized.
• Earnings season: Several major companies, both domestically and globally, will be releasing their quarterly earnings reports, which could provide further insights into the current state of the economy.

Overall, the market is poised for a mixed week, with volatility likely to remain elevated. Investors should continue to monitor key economic indicators and company news to navigate the current market environment.