Itâs a good day to be invested in the tech sector, with many of the marketâs favourite S&P/ASX 200 Index (ASX: XJO) technology shares posting notable gains.
It follows a strong overnight session on the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) amid better-than-expected United States consumer confidence data.
Right now, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is outperforming most other sectors, gaining 1.3%.
Meanwhile, the ASX 200 has lifted 0.52% to trade at 7,152.4 points.
Letâs take a closer look at the ASX 200 tech shares having a ripper day on Thursday.
Whatâs going right for ASX 200 tech shares on Thursday?
The ASX 200 tech sector is in the green on Thursday, with shares in Novonix Ltd (ASX: NVX), WiseTech Global Ltd (ASX: WTC), and Xero Limited (ASX: XRO) among its leaders. Hereâs how theyâre performing right now:
- The Novonix share price has lifted 2.2% to trade at $1.61
- WiseTech stock has gained 1.28%, trading at $53.15
- Xero shares have also climbed today, currently up 1.8% to swap hands for $71.495 apiece
Other strong performers include Block Inc (ASX: SQ2) â up 1.55% â and BrainChip Holdings Ltd (ASX: BRN) â up 1%.
Their gains come on the back of a 1.5% gain posted by the Nasdaq Composite overnight.
The tech-heavy New York indices lifted amid news consumer confidence in the US was at an eight-month high in December after posting back-to-back losses in October and November.
Thatâs good news for tech shares since they tend to be more growth-focused than their peers in other sectors. The better an economyâs health, the more opportunities for growth exist.
Sadly, the sectorâs Thursday gains arenât enough to pull it back into the longer-term green. The ASX 200 tech sector has tumbled 34% so far this year amid soaring inflation and consecutive rate hikes.
Meanwhile, the broader ASX 200 has dropped 6%.
The post Why are ASX 200 tech shares having such a stellar run on Thursday? appeared first on The Motley Fool Australia.
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More reading
- 10 ASX shares I think are buys for 2023
- Stock market correction: How I’m using this opportunity to build wealth with ASX shares
- Top ASX growth shares to buy for a stock market rebound
- Why BWX, Novonix, Symbio, and TPG shares are dropping today
- Novonix share price sinks on surprise production guidance downgrade
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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