Why are WiseTech shares storming higher today?

WiseTech Global Ltd (ASX: WTC) shares are racing higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) logistics software solutions company closed yesterday trading for $65.25. In late morning trade on Thursday, shares are swapping hands for $68.75 apiece, up 5.4%.

For some context, the ASX 200 is up 0.4% at this same time.

Today’s outperformance will come as good news to longer-term shareholders, with shares in the ASX 200 tech stock still down 45% over 12 months.

Here’s what’s catching investor interest today.

What’s boosting WiseTech shares on Thursday?

WiseTech looks to be catching tailwinds on two fronts today.

First, expectations of a December interest rate cut from the US Federal Reserve have shot from just 30% last week to around 80% today. That comes amid increasingly dovish comments from key Fed members, including John Williams, president of the Federal Reserve Bank of New York.

Tech stocks, including WiseTech shares, are often priced with future growth in mind. Meaning they tend to perform better when investors expect rate pressures to ease.

These expectations also see the S&P/ASX All Technology Index (ASX: XTX) outperforming today, with the All Tech Index up 1.6% at the time of writing.

What else is lifting investor sentiment for the ASX 200 tech stock?

WiseTech shares also look to be getting a boost today from a new leadership announcement.

As you’re likely aware, the company faced headwinds last year and into this year amid allegations relating to inappropriate behaviours of WiseTech founder Richard White.

White stepped down as the company’s CEO in October 2024, but he remains actively involved as the company’s executive chair.

With the company recently coming back under close scrutiny from the Australian Securities and Investments Commission (ASIC) over potential issues involving trading in WiseTech shares by White and three company employees, investors are likely breathing a bit easier with today’s new leadership news.

In what the company said is another important step in its board renewal program, WiseTech reported that Raelene Murphy has been appointed to the board as an additional independent non-executive director.

She’ll join the board on 1 January and importantly will also become a member of the WiseTech’s Audit & Risk Committee.

Atop her 35 years of executive experience in strategic, financial, and operational leadership, the company noted that she is currently serving as independent non-executive director and Audit Committee chair of Bega Cheese Ltd (ASX: BGA) and Tabcorp Holdings Ltd (ASX: TAH).

Commenting on the appointment that could help support WiseTech shares longer-term, lead independent director Andrew Harrison said:

Her appointment marks further progress we are making in board renewal and ensuring we have the appropriate skillset mix to support WiseTech’s future growth. Raelene brings significant additional depth and expertise to the board, particularly in the areas of audit, corporate governance and Australian public company experience.

The post Why are WiseTech shares storming higher today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.