After a strong week all around, it was ASX tech shares that came out in front when we stack up the market sectors last week, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) surging by a hefty 6.02%.
Last week was an exceptional one for the S&P/ASX 200 Index (ASX: XJO), with the index rising every trading day.
Overall, the ASX's benchmark index rose by a strong 2.5% over the week to close up shop at 7,971.1 points on Friday afternoon.
This positive week for the Australian share market was largely propelled by earnings and economics.
To start, we can thank some local ASX shares, given we saw earnings season accelerate last week.
Right out the gate, Commonwealth Bank of Australia (ASX: CBA) delighted investors with a well-received earnings report on Wednesday. This also included a dividend pay rise for shareholders, the largest dividend in CBA's history, in fact.
We also heard from Telstra Group Ltd (ASX: TLS) and JB Hi-Fi Ltd (ASX: JBH), amongst others, whose earnings reports (and increased dividends) also went down well with investors.
But some economic statistics really spooled up the turbocharger.
On Thursday, my Fool colleague Bernd went through the latest inflation metrics out of the United States. These showed American inflation falling to an annualised 2.9% as of the end of July, down from 3% a month prior.
That is exactly what investors wanted to see and arguably lends credence to the hopes that the US Federal Reserve will cut interest rates before the end of the year.
As a result, we saw some big market moves in the 'States over the back half of the week, which no doubt compelled local investors to step on the buying gas. Wall Street had a phenomenal session on Thursday night in particular, which helped the ASX 200 end its week on Friday with a 1.34% bang.
Eight of the 11 market sectors finished higher over the week just gone.
Let's go through a great week to have owned most ASX shares.
Tech stocks led the ASX sectors last week
So, it was tech shares that dominated the ASX sectors last week. Here are the gains of the five largest ASX tech stocks.
Data centre operator NextDC Ltd (ASX: NXT) was the best performer on the tech index last week. By Friday afternoon, NextDC shares rose from $15.65 to $17.11, a gain worth a pleasing 9.33%. That came despite no major news from the company.
Xero Ltd (ASX: XRO) was the next-best performer amongst the largest tech players. Xero shares rose 6.71% from $131.81 to $140.66 by Friday. Again, that was despite no major company-specific developments reported.
TechnologyOne (ASX: TNE) shares rose 5.8% over five days to close up at $22.44.
The WiseTech Global Ltd (ASX: WTC) share price had a ball, too, gaining 4.74% to finish the week at $93.75
Life360 Inc. (ASX: 360) had another strong week, rising from $17.56 to $17.97, a 2.33% gain.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Utilities (ASX: XUJ) | (2.31%) |
| Healthcare (ASX: XHJ) | (0.13%) |
| Consumer Staples (ASX: XSJ) | 2.21% |
| Communication (ASX: XTJ) | 3.72% |
| Industrials (ASX: XNJ) | 3.72% |
| Consumer Discretionary (ASX: XDJ) | 5.28% |
| A-REIT (ASX: XPJ) | 2.30% |
| Materials (ASX: XMJ) | (1.26%) |
| Financials (ASX: XFJ) | 4.77% |
| Information Technology (ASX: XIJ) | 6.02% |
| Energy (ASX: XEJ) | 1.57% |
Foolish takeaway
ASX earnings season continues with gusto next week.
We'll hear from Ampol Ltd (ASX: ALD) and Westpac Banking Corp (ASX: WBC) on Monday, Ansell Limited (ASX: ANN) and ARB Corporation Ltd (ASX: ARB) on Tuesday and Breville Group Ltd (ASX: BRG), Santos Ltd (ASX: STO) and WiseTech on Wednesday.
That will be followed by Medibank Private Ltd (ASX: MPL), Northern Star Resources Ltd (ASX: NST) and Super Retail Group Ltd (ASX: SUL) on Thursday, followed by Accent Group Ltd (ASX: AX1) and Inghams Group Ltd (ASX: ING) on Friday.
See you then!
