Tech shares led the ASX 200 market sectors for the second consecutive week, with a 3.29% gain over the past five trading days. This comes on top of last week's 6.2% rise, so tech investors must be cheering!
The S&P/ASX 200 Index (ASX: XJO) lost 0.28% over the week to finish at 7,643.6 points on Friday.
Seven market sectors finished the week in the green.
Let's review.
Tech shares led the ASX sectors again this week
It's hard to look past Nividia Corp as the catalyst for another great week for ASX tech stocks.
We first learned of Nvidia's "insane result"' for 4Q FY23 early yesterday morning. After that, the S&P/ASX 200 Information Technology Index (ASX: XIJ) began a steady rise, gaining 2.04% of this week's 3.29% lift.
Overnight, the Nvidia share price launched 16.4% higher to a record US$785.38 (and plenty of analysts say it can go much higher over the next year, with the most bullish predicting US$1,400 per share).
Nvidia's 16.4% gain contributed to a 2.94% surge in the NASDAQ, which dragged many other popular US tech stocks higher, including Meta Platforms 3.87%, Amazon 3.55%, and Apple 1.12%.
As usual, our tech sector followed Wall Street today and soared on the exciting momentum.
The biggest of our tech stocks, Wisetech Global Ltd (ASX: WTC) had a ripper week with its share price up 10.38% to $87.95. This follows the release of the company's 1H FY24 results on Wednesday.
Wisetech announced revenue of $500 million, which was 32% higher than 1H FY23. EBITDA leapt 23% to $230 million and underlying net profit after tax (NPAT) was $128 million, up 5%.
For the 15th time in a row, Wisetech raised its dividend. It declared a fully franked interim dividend of 7.7 cents per share, up 17%.
Among the other big ASX 200 tech stocks this week:
- The Xero Limited (ASX: XRO) share price gained 2.79% to finish at $119.91 on Friday
- Nextdc Ltd (ASX: NXT) shares lifted 1.47% to $15.17
- The Altium Limited (ASX: ALU) share price fell 0.62% to $65.60.
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) | 3.29% |
| Utilities (ASX: XUJ) | 1.86% |
| Consumer Discretionary (ASX: XDJ) | 1.17% |
| Financials (ASX: XFJ) | 0.94% |
| Industrials (ASX: XNJ) | 0.71% |
| Communication (ASX: XTJ) | 0.61% |
| Healthcare (ASX: XHJ) | 0.23% |
| Energy (ASX: XEJ) | (1.34%) |
| Materials (ASX: XMJ) | (1.7%) |
| A-REIT (ASX: XPJ) | (2.44%) |
| Consumer Staples (ASX: XSJ) | (3.41%) |
