**WiseTech Rallies, ASX Up After Qantas News**

ZAGO 𝕸𝖊𝖉𝖎𝖆

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Post on Oct 26, 2024

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WiseTech Rallies, ASX Up After Qantas News: A Positive Start to the Week

The Australian stock market experienced a positive start to the week, with the ASX 200 closing up 0.4% on Monday. This surge in optimism can be attributed to several key factors, particularly the positive news surrounding Qantas and the strong performance of WiseTech Global (WTC).

Qantas Soars on Strong Earnings and Optimistic Outlook

Qantas Airways (QAN), Australia's largest airline, reported record earnings for the first half of its financial year. The company attributed this strong performance to a robust demand for air travel and effective cost management. This positive result led to a 10% surge in Qantas' share price, bolstering the overall market sentiment.

WiseTech Global Flies High on Strong Trading Update

WiseTech Global (WTC), a leading provider of logistics software solutions, also witnessed a significant increase in its share price, climbing by 4.5%. This upward trend was driven by a strong trading update for the first half of the financial year, revealing continued growth in revenue and earnings.

Analysts have attributed WiseTech's success to its strong market position and ongoing commitment to innovation. The company's ability to adapt to evolving market conditions and deliver value-added solutions has clearly resonated with investors.

Other Notable Market Movers

While Qantas and WiseTech were the main drivers of the market's positive performance, other factors also contributed to the overall uptick.

• Stronger commodity prices provided support to the energy and materials sectors.
• Positive sentiment towards the global economic outlook also played a role, with investors increasing their risk appetite.

Looking Ahead

While the market's positive start to the week is encouraging, it remains to be seen if this momentum can be sustained.

Ongoing geopolitical uncertainty, rising inflation, and increasing interest rates all pose potential risks to the market.

However, the recent positive news surrounding Qantas and WiseTech suggests that Australian businesses remain resilient and capable of navigating challenging market conditions.

This bodes well for the ASX 200 in the months to come, although investors should remain vigilant and monitor the evolving economic landscape closely.