Buy-now-pay-later market leader Afterpay leapt 6.45 per cent to $114.40, smaller rival Zip Co soared 9.85 per cent to $8.14 and data centre operator NEXTDC lifted 3.68 per cent to $11.83.
Camera IconBNPL stocks were standout performers. NCA NewsWire/Andrew Henshaw Credit: News Corp Australia
“The tech sector as a whole has continued to recover this week, even as inflation forecasts were brought forward from the US, China and France, after strong economic data forced central banks to readjust their outlook with regards to raising interest rates,” Mr Tchourilov said.
“The market has been getting spooked by commentary of this nature recently, but seems to be taking it in its stride at the moment.
“A bit of inflation in a record low interest rate environment is probably a good thing – it’s the pace at which it increases that can be a worry.”
The big banks fell for the first time this week, Mr Daghlian said, with Commonwealth Bank shedding 2.1 per cent to $103.69 after recently climbing to record heights.
ANZ slipped 0.86 per cent to $28.98, National Australia Bank eased 0.52 per cent to $26.87 and Westpac inched 0.22 per cent lower to $26.88.
NAB announced it had reached an agreement to settle a class action started in the US in 2016, saying the terms were confidential and the settlement was without admission of liability.
Woolworths investors voted in favour of the supermarket giant demerging its booze business Endeavour Group, which will list separately, with trading commencing on Thursday.
Camera IconBWS owner Endeavour Group is splitting from parent company Woolworths. Glenn Campbell Credit: News Corp Australia
S&P Global Ratings said the strength of Woolworths’ supermarket operations would help it counter the effects of spinning of its high-margin liquor and hotels division.
“Although we expect the demerger to reduce the group’s scale and diversity, the quality of the group’s remaining core supermarket operations remains strong and we expect the successful execution of Woolworths’ operating strategy to replace the demerged earnings streams over the next few years,” the ratings agency said.
The Fair Work Ombudsman commenced Federal Court legal action against Woolworths after the retail giant disclosed in 2019 that it had underpaid thousands of salaried employees at its supermarkets and Metro stores.
Woolworths said it was reviewing the proceedings, which involved complex legal issues and “issues over which there is considerable uncertainty”.
Woolworths shares backtracked 1.57 per cent to $42.67.
Infant formula manufacturer Bubs Australia rocketed 29.3 per cent to 48.5 cents after announcing it had broken into the US market, clinching online deals with retail behemoths Walmart and Amazon.com
Camera IconBubs Australia has had big wins in the US. Credit: Supplied
BetMakers Technology Group completed its acquisition of Sportech’s racing, tote and digital assets in the US, UK and Europe, with managing director Todd Buckingham saying it was “a pivotal step in seeing the business become the centre of global wagering”.
Shares in the company surged 12.96 per cent to $1.22.
Healthcare stocks had been well supported, Mr Tchourilov said, with sleep apnoea equipment producer ResMed rising strongly this week, closing 2.7 per cent higher at $31.91 on Friday.
He said Cochlear had also been on a good run after tanking earlier this year, finishing 1.38 per cent firmer at $246.72.
“The hearing implant maker doesn’t appear to have any short-term catalyst driving the breakout,” Mr Tchourilov said.
Camera IconThis week's movers and shakers, supplied to NCA NewsWire by OMG. Credit: NCA NewsWire