The S&P/ASX 200 Index (ASX: XJO) is once again pushing higher so far in this Wednesday’s trading session. At the time of writing, the ASX 200 is up another 0.47% at just under 7,400 points. That puts the ASX 200’s gains over the past 2 weeks at an impressive 5.7%. But no sector is gaining more today than ASX tech shares.
ASX tech shares are on fire this Wednesday. As it currently stands, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is up a pleasing 3.21%, making it the best performing sector of the ASX 200 so far, and by far.
You only have to look at some of the ASX 200’s best gainers today to see why. We have Zip Co Ltd (ASX: Z1P), up a healthy 7.2% at $1.64 a share. Tyro Payments Ltd (ASX: TYR) is up 7.6% at $1.84. And Block Inc CDI (ASX: SQ2) is currently leading the ASX 200 with a pleasing gain of 8.54%.
That puts Block, the new owner of Afterpay, at $189.94 a share after it went as high as $190.48 earlier this morning, a new all-time high for the company’s ASX listing. Block has been an incredible performer. This ASX tech share is now up a staggering 63.7% since 24 February alone. Not bad for a month of waiting.
ASX tech shares boom after US markets lead the way
So why are ASX tech shares booming? Well, it seems the sector has taken its lead from the performance of US tech shares overnight, as my Fool colleague James predicted this morning. Last night saw the tech-heavy Nasdaq 100 Index put on a healthy 1.94%. Shares like Amazon.com Inc (NASDAQ: AMZN) and Apple Inc (NASDAQ: AAPL) were both up around 2%. While smaller tech shares like Shopify Inc (NYSE: SHOP) and Beyond Meat Inc (NASDAQ: BYND) rose around 6%. Electric vehicle and battery manufacturer Tesla Inc (NASDAQ: TSLA) rose almost 8%.
Sentiment on the US markets often spills over into our own share market, and this effect seems especially potent for tech shares. We’ve had a lot of red ink in this space over 2022 so far, so it seems some investors were waiting to spend up big in this space. Now, we seem to be seeing that continue into our own ASX tech shares sector.
The post Leading the pack! ASX tech shares storm higher on Wednesday appeared first on The Motley Fool Australia.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen owns Amazon, Shopify and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Amazon, Beyond Meat, Inc., Block, Inc., Shopify, Tesla, Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool Australia has recommended Amazon and Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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