Technology led the ASX 200 market sectors, gaining an impressive 6.2% over the past five trading days.
The S&P/ASX 200 Index (ASX: XJO) rose by 0.42% over the week to finish at 7,658.3 points on Friday.
Seven market sectors finished the week in the green.
Let's review.
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Tech shares led the ASX sectors this week
The Altium Limited (ASX: ALU) share price screamed up the charts this week to gain 27.1% in total.
Most of that gain came yesterday on news that the electronic design software company has accepted a takeover offer from Japan's Renesas Electronics Corporation.
Renesas will acquire Altium by way of a scheme of arrangement for $68.50 cash per share. That was a 33.6% premium to the stock's last closing price and valued Altium at $9.1 billion.
Altium shares closed at $66 on Friday.
However, Altium wasn't the only tech share skyrocketing on takeover news this week.
ASX tech small-cap Ansarada Group Ltd (ASX: AND) has also accepted a takeover offer. The deal with US company Datasite sent the stock 30% higher this week, finishing at $2.43 per share on Friday.
Ansarada shareholders will receive $2.50 cash per share. The deal valued the virtual data room and document management software provider at $236.3 million.
Tech stocks took a dip on Wednesday after United States inflation numbers came in higher than expected.
This led to a 1.8% fall in the Nasdaq Composite Index (INDEXSP: .INX) and a consequent 1.44% fall in the S&P/ASX 200 Information Technology Index (ASX: XIJ).
Tech shares are sensitive to interest rates. Any bad inflation news makes investors worry about a potential delay in the start of rate cuts.
Tech stock earnings reports this week
As earnings season continues, we saw mixed results in the tech sector this week.
Audinate Group Ltd (ASX: AD8) shares climbed 15.6% after the media networking solutions company reported a 137% increase in EBITDA for 1H FY24. The Audinate share price closed at $20.64 on Friday.
Conversely, Data#3 Limited (ASX: DTL) shares crashed 22.5% despite the business technology solutions company reporting a 25.5% bump to net profit after tax (NPAT) in 1H FY24. The Data#3 share price closed at $7.69 on Friday.
Among the other large-cap ASX tech shares, Xero Limited (ASX: XRO) gained 4.3% to finish at $117.50 on Friday and Nextdc Ltd (ASX: NXT) rose 4% to $15.03.
The largest ASX 200 tech share, Wisetech Global Ltd (ASX: WTC), rose by 2.47% to $80.01 this week.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up this week, according to CommSec data.
Over the past five days:
| S&P/ASX 200 market sector | Change this week |
| Information Technology (ASX: XIJ) | 6.2% |
| Consumer Discretionary (ASX: XDJ) | 4.5% |
| A-REIT (ASX: XPJ) | 2.62% |
| Industrials (ASX: XNJ) | 1.76% |
| Utilities (ASX: XUJ) | 1.46% |
| Financials (ASX: XFJ) | 0.79% |
| Consumer Staples (ASX: XSJ) | 0.42% |
| Materials (ASX: XMJ) | (0.7%) |
| Communication (ASX: XTJ) | (2.02%) |
| Energy (ASX: XEJ) | (2.15%) |
| Healthcare (ASX: XHJ) | (4.86%) |
