-Australian tech stocks set for bumper first half, advance more than 28%

Altium

28/06/2024 03:30

** Australia's tech sub-index  .AXIJ  is up more than 28% in
the first half of calendar year 2024, making it the best
performer in the benchmark index  .AXJO 
    ** Gains in the sub-index come on top of last year's ~30%
rise; anticipation of interest rate cuts boosts risk sentiment
for tech stocks
    ** Top constituents WiseTech Global  WTC.AX  and Xero Ltd
 XRO.AX  have contributed significantly to the gains
    ** WTC, which makes logistics software, has risen more than
30% in 1HCY24
    ** XRO, which makes cloud-based accounting software, has
gained ~20% in 1HCY24
    ** Among other major contributors to the sub-index's gains
are data centres operator NEXTDC  NXT.AX  and electronic design
automation software maker Altium  ALU.AX , which have advanced
~28% and ~45%, respectively
    ** Sub-index far outperforms a nominal 2.5% gain in the ASX
200 benchmark index  .AXJO  

($1 = 1.5017 Australian dollars)
    

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Australia tech sub-index Australia tech sub-index    https://reut.rs/4cjDKdh
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 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))