Tech shares shine while ASX 200 plunges to 4-month low

Technology was the surprise performer, rising 7.34%, during a topsy-turvy week for the local bourse.

S&P/ASX 200 Index (ASX: XJO) tech shares led the 11 market sectors with an impressive 7.34% increase last week.

Meanwhile, the benchmark index edged 0.2% higher to close at 8,682.1 points on Friday.

ASX 200 tech shares were the surprise performer during a topsy-turvy week for the local bourse.

Tech shares are recovering from a 48% drop between 29 August 2025 and 30 March due to fears over artificial intelligence (AI).

Since then, the S&P/ASX 200 Information Technology Index (ASX: XIJ) has rallied 15% versus a 3% lift for the benchmark.

A changing of the guard helped push the tech sector higher amid turbulent trading on the ASX 200.

Communications and metals detection designer and manufacturer Codan Ltd (ASX: CDA) overtook logistics software provider WiseTech Global Ltd (ASX: WTC) as the sector's largest company by market capitalisation after a trading update last week.

Meanwhile, the ASX 200 had its worst one-day fall in six months on Thursday amid concerns over rising interest rates and bond yields trading at close to multi-decade highs.

The Reserve Bank of Australia raised the official cash rate by 0.25% to 4.6% on Tuesday.

Meanwhile, the 10-year US Treasury bond yield was 5.24% and Australia's was 5.33% on Friday.

Six of the 11 ASX 200 market sectors finished in the green last week.

Let's review.

Technology written in orange in tech sector financial diagram.

Image source: Getty Images

ASX 200 tech shares led the market sectors last week

Let's take a look at how the biggest ASX 200 tech shares by market cap performed last week.

The Codan share price soared 29.09% to close at $67.45 on Friday after a trading update.

Codan's market valuation is now $12.3 billion.

The WiseTech share price ascended 6.7% to close at $33.43 with a valuation of $10.5 billion.

TechnologyOne Ltd (ASX: TNE) shares rose 4.2% to $30.52 apiece.

The Xero Ltd (ASX: XRO) share price edged 0.85% higher to $57.85.

The Nextdc Ltd (ASX: NXT) share price fell 4.19% to $10.74.

Megaport Ltd (ASX: MP1) shares soared 13.86% to $22.34 on news of $1 billion in new AI infrastructure contracts.

The Life360 Inc (ASX: 360) share price rose 5.59% to $20.40.

The Dicker Data Ltd (ASX: DDR) share price lifted 2.67% to $15.40 apiece.

The Data#3 Ltd (ASX: DTL) share price soared 22.61% to $13.61 on the back of a trading update.

The Bravura Solutions Ltd (ASX: BVS) share price rose 0.96% to $3.15.

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 sectorChange last week
Information Technology (ASX: XIJ)7.34%
Consumer Discretionary (ASX: XDJ)2.64%
Communication (ASX: XTJ)1.81%
Utilities (ASX: XUJ)0.64%
Industrials (ASX: XNJ)0.47%
Financials (ASX: XFJ)0.15%
A-REIT (ASX: XPJ)(0.19%)
Consumer Staples (ASX: XSJ)(0.2%)
Materials (ASX: XMJ)(0.45%)
Energy (ASX: XEJ)(1%)
Healthcare (ASX: XHJ)(1.21%)

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Bravura Solutions, Life360, Megaport, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended Dicker Data, Life360, WiseTech Global, and Xero. The Motley Fool Australia has recommended Data#3. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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