It's been a great day for the S&P/ASX 200 Index (ASX: XJO) and most ASX 200 shares this Wednesday. At the time of writing, the ASX 200 has gained another 0.37% and is back over 7,850 points.
There's no doubt that Commonwealth Bank of Australia (ASX: CBA)'s earnings report this morning is helping investors' mood.
But let's talk about no fewer than five ASX tech shares that are doing even better than the broader market.
Take the Xero Ltd (ASX: XRO) share price. This ASX tech share and cloud-based accounting software provider is currently enjoying a 1.25% boost up to $136.41 a share.
That gain is being bested by another tech stock in NextDC Ltd (ASX: NXT). NextDC shares are presently up a compelling 2.11% at $16.91 each.
Former WAAAX headliner WiseTech Global Ltd (ASX: WTC) is faring better again. The Wisetech share price has bounced by a healthy 2.35% today, up to $93.38 a share.
That's topped by the performance of Life360 Inc (ASX: 360) though. Life360 stock has rocketed by a chunky 2.74% to $17.82 a share at present.
Coming out on top of this ASX tech share pack is Megaport Ltd (ASX: MP1). The Megaport share price has exploded higher today. The software service provider has rocketed a hefty 3.67% upwards so far this Wednesday to $11.04 a share.
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Why are these five ASX tech shares exploding higher today?
Well, it's not entirely clear, unfortunately. There hasn't been any major news out of the tech space that might easily explain investors' optimism over ASX tech shares this Wednesday.
Saying that, there are a few things we can point to that might clear the fog a little.
Firstly, US tech stocks had a blast overnight. We saw the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) soar 2.43%, buoyed by big rises for tech titans like NVIDIA, Tesla and Amazon.
ASX tech shares often take their cues from what happens in the US markets. So this would have done nothing to quell ASX investors' appetite for the likes of Megaport, Xero, and Wisetech.
Secondly, we did have a very well-received full-year earnings report from healthcare share Pro Medicus Limited (ASX: PME) today. Pro Medicus shares are presently up 8.25% to $142.45 a share after delivering a net profit of $82.8 million, up 36.5% year-on-year.
Pro Medicus is not technically an ASX tech share. However, it does employ innovative technological solutions in its products. Its share price often behaves like a tech stock as well, so it's arguably not a stretch to imagine this company's fortunes spilling over into the tech space this session.
Thirdly, the markets are clearly in a good mood today. As such, it could well just be this optimism that is resulting in so many ASX tech shares (which often move by more than the broader market in both directions) smashing the markets today.
It could even be a combination of all three of these factors that are leading to these five ASX tech shares to post such impressive share price gains this Wednesday. Let's see what happens over the rest of the trading week.
