Market Wrap: AVM, Qantas, WiseTech Gains

You need 2 min read Post on Oct 25, 2024

Market Wrap: AVM, Qantas, WiseTech Gains

The Australian share market closed higher on Wednesday, with gains led by the energy and materials sectors. The ASX 200 index rose 0.7% to close at 7,360.6 points.

Key Movers

AVM was one of the top performers, surging 6.8% to close at $26.80. The company's strong half-year results, released on Tuesday, fueled investor enthusiasm. The automotive parts supplier reported a 20% increase in net profit after tax to $114.4 million, exceeding market expectations.

Qantas also saw a significant gain, rising 5.5% to $6.33. The airline's strong performance in the recent holiday period boosted investor confidence. The company's CEO Alan Joyce announced that the airline expects to return to profitability in the current financial year.

WiseTech Global climbed 3.2% to $28.50. The logistics software provider's strong performance in the US market drove the gains. The company reported a 44% increase in revenue in the first quarter of its financial year.

Other Notable Moves

Rio Tinto rose 1.7% to $117.20, while BHP Group gained 1.3% to $46.50. The rise in commodity prices, particularly iron ore, supported the mining giants' share prices.

Woolworths edged up 0.2% to $39.01, while Coles gained 0.1% to $18.37. The supermarket giants' share prices were largely unchanged, with investors awaiting the release of their upcoming earnings reports.

Market Outlook

Analysts are optimistic about the Australian share market's prospects in the near term. The strong economic recovery and rising commodity prices are expected to support further gains. However, rising inflation and interest rates remain key risks to the market.

Investors should continue to monitor the economic landscape and global developments closely.

Disclaimer: This information is for general knowledge and informational purposes only, and does not constitute professional advice. It is essential to consult with a qualified financial advisor before making any investment decisions.

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Market Wrap: AVM, Qantas, WiseTech Gains

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