It has been a big week for the market’s tech names, with easing inflation pressures seeing a number of the top performing stocks on the ASX 200 index coming from the high-growth sector.
Altium, Iress, EML Payments, Wisetech Global and Appen were among the market’s ten best performing companies this week as technology easily outpaces the rest of the index, rising in tandem with its US counterpart, the Nasdaq.
A string of favourable corporate announcements and M&A interest has also benefited share prices for local tech firms.
Earlier in the week, soft economic data out of the US helped assuage fears that central banks will need to wind back super-accommodative monetary settings to keep price rises in check.
Even with a higher US CPI print last night, investors clearly see the uptick in inflation as transitory, rather than a long-term pressure.
Bond yields duly eased back, a development that usually coincides with gains for expensive, high-growth areas such as technology.
Altium is up 2.1 per cent today at $35.46 and has added nearly 30 per cent in value this week after knocking back a $5 billion takeover bid from US tech giant Autodesk.
Markets technology firm Iress is lower on Friday, down 2.3 per cent at $12.50, but still about 20 per cent up for the week. The company yesterday rose more than 16 per cent on rumours that investment banks were sniffing around for shares.
EML Payment is also down today, dropping 3.3 per cent to $3.79, but is ahead by about 14 per cent for the week on a strong third-quarter trading update.
Wisetech Global is 0.6 per cent higher today at $30.86 and about 8 per cent ahead for the week, while Appen is up 6.6 per cent today at $13.98 and 14.3 per cent higher for the week.
Afterpay is 4.7 per cent ahead on Friday at $104.58 and earlier hit a five-week high $104.70.