Tech shares led the ASX 200 market sectors for a second consecutive week with a 5.83% uplift over the five trading days.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) rose 1.89% to finish at 8,295.1 points on Friday.
Last week was a big one for market news.
The Reserve Bank of Australia kept interest rates on hold on Tuesday for the eighth consecutive month.
During the week, two of the Big Four ASX 200 banks released their full-year results.
There was a cash profit fall of 9.3% for ANZ Group Holdings Ltd (ASX: ANZ) and a statutory profit fall of 6.1% for National Australia Bank Ltd (ASX: NAB).
In the United States, Republican Donald Trump was elected President in a surprisingly decisive result.
Trump's promises of a significant US corporate tax rate cut, from 21% to 15%, plus 10% to 20% tariffs on all imports — and 60% on Chinese imports — boosted the outlook for American business.
This sent the S&P 500 Index (SP: .INX) and the Nasdaq Composite Index (NASDAQ: .IXIC) higher, with ASX 200 stocks following suit.
On top of all that, on Friday we learned that the US Federal Reserve had cut interest rates again.
Nine of the 11 market sectors finished the week in the green.
Let's recap.
Technology shares led the ASX sectors again last week
Several ASX tech shares hit new price milestones following the US share market's Trump-inspired boost.
The Xero Ltd (ASX: XRO) share price hit a new record of $158.69 on Friday. Xero shares rose 4.69% over the five trading days to finish at $157 on Friday. The company did not release any news last week.
Life360 Inc (ASX: 360) shares lifted to a new all-time high of $23.83 on Friday. Life360 shares rose 4.62% over the week to $23.79. The ASX 200 app owner did not release any price-sensitive news last week.
TechnologyOne Ltd (ASX: TNE) shares shot to a new record price of $26.23 on Friday. Despite no news from the company at all last week, the stock lifted 4.88% to finish at $26.03 apiece.
Nuix Limited (ASX: NXL) reached a new 52-week high of $7.80 on Friday despite no announcements from the company. The Nuix share price rose 1.06% over the week to close at $7.60.
Objective Corporation Ltd (ASX: OCL) shares hit a new 52-week high of $16.88 on Friday, despite no price-sensitive announcements. The Objective share price rose 1.93% over the five days to close at $16.86.
Appen Ltd (ASX: APX) shares also rocketed 24.81% higher last week to close at $2.44 apiece. During intraday trading on Friday, they hit a 52-week peak of $2.49.
Last week's share price bump followed news of an oversubscribed Share Purchase Plan (SPP). Appen received applications for about $20.7 million in shares — well above its $5 million target.
My colleague Zach also reports that new policies promoting tech deregulation in the US bode well for Appen and other companies in the artificial intelligence (AI) space.
Megaport Ltd (ASX: MP1) wasn't among the record-setters but what a week the ASX 200 data network provider had. Megaport shares soared 8.98% to $7.40 despite no news from the company last week.
Top broker Morgans says Megaport is among its top 2 ASX stock picks for leveraging the AI megatrend.
WiseTech Global Ltd (ASX: WTC) shares continued their rebound last week, rising 6.05% to finish at $127.09 apiece on Friday. The company did not announce any news last week.
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 |
| Information Technology (ASX: XIJ) | 5.83% |
| Industrials (ASX: XNJ) | 3.67% |
| Financials (ASX: XFJ) | 3.59% |
| Consumer Discretionary (ASX: XDJ) | 2.9% |
| Communication (ASX: XTJ) | 2.54% |
| Healthcare (ASX: XHJ) | 2.35% |
| Utilities (ASX: XUJ) | 1.2% |
| Consumer Staples (ASX: XSJ) | 0.73% |
| Materials (ASX: XMJ) | 0.47% |
| Energy (ASX: XEJ) | (0.61%) |
| A-REIT (ASX: XPJ) | (1.38%) |
