Australian shares closed higher on Friday, underpinned by technology stocks as overnight gains on Wall Street boosted the sub-index, with software developer WiseTech Global surging as its CEO Richard White shifted to a new role.
The S&P/ASX 200 index rose 0.1% to 8,211.3 at the close, but declined 0.9% for the week - its worst weekly drop since early September.
Technology stocks advanced 3.3% to their best day since mid-August, tracking the Nasdaq’s overnight rise on EV maker Tesla’s positive earnings forecast and a drop in Treasury yields from a three-month high.
Software maker WiseTech Global ended 12.7% higher to log best session since August 25, after the company’s billionaire founder and CEO, Richard White, moved to a consultancy position following several damaging accusations about his personal life, which he has denied.
“The tech sector did the heavy lifting on the ASX today, thanks to gains in the Nasdaq overnight and a rebound in the WiseTech Global share price,” said Tim Waterer, chief market analyst at KCM Trade.
Australian shares fall as miners offset real estate and healthcare gains
“It’s been a rocky week for the WiseTech stock price, but the changes announced by the company seem to have alleviated some concerns about Richard White’s role moving forward.”
Miners climbed 0.2% on rising iron ore prices.
Sector leaders BHP Group and Rio Tinto added 0.3% each.
Financials added 0.2%, boosted by the Commonwealth Bank of Australia’s 0.4% gain.
Among individual stocks, Australian flag carrier Qantas Airways surged 1.5% to record its highest close ever, after raising its first-half domestic revenue expectations.
Australia’s biggest independent coal miner Whitehaven Coal ended 5% higher in its best session in a month, after reporting quarterly production ahead of market expectations.
New Zealand’s benchmark S&P/NZX 50 index dropped 0.3% points to close at 12,771.61.
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