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WiseTech (ASX: WTC) share price surges 8% on Thursday

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It was a mighty day for WiseTech Global Ltd (ASX: WTC) Today’s stock price. Stocks of cloud-based logistics software company, Thursday session, S & P / ASX200 Index (ASX: XJO).

After all, Wisetech’s share price rose 7.17% to $ 53.51, 6.6% off its 52-week high.As a result, the company Market first Of $ 17.39 billion.

Interestingly, today’s value increase takes place without an announcement from WiseTech. If so, let’s see what else has helped.

The ebb and flow of the tide lifts all boats

Rather than the company-specific news behind WiseTech’s stock today, the move seems to be more widespread.

for example, S & P / ASX All Technology Index (ASX: XTX) rose 3.11%, partly due to WiseTech.However, other notable contributions Megaport Co., Ltd. (ASX: MP1), Xero Limited (ASX: XRO), When Afterpay Co., Ltd. (ASX: APT).. This trend in the Australian market followed the US market lead overnight, with the technology-intensive Nasdaq Composite rising 0.7%.

In addition, tech stocks are on the rise as some market commentators warn about the imminent period. Stagflation.. As the saying goes, the ebb and flow of the tide lifts all boats, and the rise in tech stocks underpins Wisetech’s stock price today.

Simply put, stagflation involves a combination of high inflation and slowing economic growth. During such periods, investors tend to flee to “high performance” stocks. This could include more profitable and profitable technology businesses.

WiseTech may meet that standard for some investors, as shown in the 2009 results. For reference, the company achieved net income after tax of $ 105.8 million, doubling its revenue in 2008.

At the same time, as the supply chain is in such a turmoil, software that optimizes this industry may have the ability to retain customers with price increases to counter inflation.

WiseTech Stock Review

WiseTech Global’s share price provided sensational returns to shareholders compared to the benchmark index. Logistics software companies, for example, have seen their stock prices rise 95.7% over the past year. Meanwhile, the S & P / ASX 200 index is up 17.7%.

Currently, Wise Tech Price earnings ratio (P / E) 112 times.

WiseTech (ASX: WTC) share price surges 8% on Thursday

Source link WiseTech (ASX: WTC) share price surges 8% on Thursday

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