ASX technology stocks jump on Thursday. XRO and WTC leads the gain

May 16, 2024 03:35 PM AEST | By Team Kalkine Media

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ASX technology stocks jump on Thursday. XRO and WTC leads the gain — Image source: shutterstock

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Australian technology stocks experienced a significant surge on Thursday (16 May 2024), climbing as much as 3.19% and reaching their highest level since March 26.

This surge comes as the rate-sensitive sub-index witnessed a notable increase, propelled by the resumption of a downward trend in U.S. inflation. Market participants are pricing in hopes of a potential rate cut from the U.S. Federal Reserve, anticipated to take place in September.

Leading the charge in this rally are sub-index majors Xero (ASX: XRO) and WiseTech Global (ASX: WTC), both experiencing significant upticks. Xero saw an impressive rise of up to 4.69%, while WiseTech Global surged by 3.19%. Notably, WiseTech Global hit a record high level during this rally.

The sub-index itself has demonstrated remarkable resilience and growth, boasting a 22% increase year-to-date, as of the last close. This upward trajectory underscores the growing investor confidence in the Australian technology sector.

As market dynamics continue to evolve, investors are closely monitoring the performance of technology stocks, particularly in light of global economic trends and potential shifts in monetary policy. The current rally reflects the optimism surrounding the technology sector's prospects and its pivotal role in driving economic growth in Australia and beyond.

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