Australian tech stocks eye best year in three on Wall Street rally

Altium

27/12/2023 23:48

** Australian technology index  .AXIJ  has risen 29.5% so
far in the year, set for biggest yearly pct gain since 2020 
    ** Sub-index poised for first yearly gain in three; set to
outperform benchmark stock index  .AXJO , which is up 7.4% YTD 
    ** AXIJ tracked strong gains in the tech-heavy Nasdaq
 .IXIC  during the year 
    ** Cooling U.S. inflation and a perceived end to the Federal
Reserve's tightening cycle with rate-cut expectations now in
picture in early 2024, helped Wall Street surge in 2023  .N  
    
    ** Shares of Xero  XRO.AX  have rebounded this year, rising
58.8% after a record pct fall in 2022. Accounting software co
eyes its best year in three years 
    ** Link Administration  LNK.AX  on track to end the year
over 10% higher after a A$1.2 bln ($820.08 mln) takeover offer
from Mitsubishi UFJ Financial Group  8306.T  earlier this month
    ** Tech giant WiseTech Global  WTC.AX , which strengthened
its U.S. footprint with a $414 mln deal this year, is on track
to end the year 48.3% higher 
    ** Megaport  MP1.AX  has gained 43.1% this year, eyeing its
best year since 2019, while Altium  ALU.AX  has risen 32.4%    

($1 = 1.4633 Australian dollars)

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Australian Tech stocks in 2023    https://tmsnrt.rs/41Bd4jM
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 (Reporting by Rajasik Mukherjee and John Biju in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))