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Highlights:
- The S&P/ASX 200 was up 0.045%, and the All-Ordinaries Index was up 0.14% on Thursday, 09 March 2023, by the end of the day.
- All sectors, except materials, healthcare and A-REIT, were in green.
- Wisetech Global Limited (WTC), Brambles Limited (BXB), and Qantas Airways Limited (QAN) traded close to their 52-weeks high.
The benchmark market index, the S&P/ASX 200, was up 0.045% on Thursday, 09 March 2023, by the end of the market session, and the broader All Ordinaries Index was up 0.14% at the same time. The market on Thursday opened flat and gained slightly towards mid of the day.
Amid this, few stocks gained and traded near their 52 weeks highest price. These stocks, belonging to different sectors, are Wisetech Global Limited (WTC), Brambles Limited (BXB), and Qantas Airways Limited (QAN).
Wisetech Global Limited's (ASX:WTC) stock traded between the range of AU$63.87 to AU$65.03, hitting a fresh 52-week high on Thursday, surpassing the previous 52-week high on 6 March at AU$64.86. The stock finally closed the day at AU$64.57, rising 2.508%. There was no specific reason behind the gain, though.
In the recent updates, the company declared its half-year ended 31 December 2022 results and reported a 35% increase in revenue to AU$378.2 million, and basic earnings per share grew 40% to 23.8 cents per share (cps).
The stock jumped to close with around a 4% gain on that day (22 February 2023) and continued momentum for the next two days straight.
The software solution provider has around 18,000 logistics companies among its customers across 173 countries. Its software solutions offer comprehensive integration, deep compliance, productivity, and reach worldwide.
Today, the technology sector was the highest gainer in the S&P/ASX 200 Index. Along the sectoral momentum, WTC stock may have benefitted.
Its P/E ratio on 09 March was 90.95 compared to which the sectoral index S&P/ASX 200 Software & Services (Industry Group) had a P/E ratio of 46.59.
Brambles Limited (ASX:BXB) stock grew 1.238% intraday to AU$13.485 on Thursday, surpassing its previous 52-week high of AU$13.43 on 08 March 2023. The stock ended Thursday up 0.975%, hitting a fresh 52-week high of AU$13.45. This Sydney, NSW-based company provides supply chain logistics.
It employs more than 12,000 people and operates approximately across 60 countries, with the majority of operations in North America and Western Europe.
On 24 February, BXB stock closed with a 7.457% jump to AU$12.97, following its first-half results release and reporting a 14% growth in revenue from continuing operation to US$2,931.5 million and a 25% increase in the underlying profit to US$548.8 million at constant currency.
It faced challenges throughout FY2022 and into H1FY23 due to inflation, geopolitical tensions, supply chain constraints, and scarcity of raw materials. Still, for the full year FY23, it expects sales revenue growth of 12% to 14% at constant currency and underlying profit growth of 15% to 18% at constant currency.
Although the central bank has increased the interest rate again for the tenth time in one year by 25 basis points to 3.60% on 08 March 2023, this stock seems to enjoy macroeconomic development reaching 52 weeks highest on 08 March.
The sectoral index S&P/ASX 200 Industrials P/E ratio was 17.39, whereas BXB had a P/E of 20.38 on 09 March.
The domestic and international airline provider Qantas Airways Limited (ASX:QAN) witnessed a 52-week high at the closing price of AU$6.770 on 08 March. However, the stock rose higher today (09 March) to as much as AU$6.87 intraday breaking the one-year high record. The stock ended the day 0.443% higher at AU$6.8.
Last month the company released its H1FY23 earnings results, and after three years of incurring losses, it returned to profit, generating statutory profit after tax of AU$1.0 billion or 53.9 cents per share.
Another notable announcement was its buy-back plan of up to AU$500 million. Earlier, in August 2022, Qantas announced an on-market share buy-back of AU$400 million, which it completed in the half year that ended 31 December 2022.
There was no update today to back up the rise in the share price. The stock has a P/E ratio of 21.63 compared to the P/E of 49.23 of the S&P/ASX 200 Transportation Index on 09 March 2023.
