WiseTech Global Ltd (ASX: WTC) was founded in 1994 by Richard White to provide software to the logistics sector. Since then it has grown to become a global provider of logistics software, claiming to service 19 of the top 20 logistics companies globally. WiseTech makes money by charging its customers on a ‘per use’ basis rather than as a subscription model. Meaning, WiseTech directly benefits as its customers grow their businesses.
Both the key Australian indices fell on Monday, with the S&P/ASX200 (INDEXASX: XJO) falling 0.3% and the All Ordinaries (INDEXASX: XAO) 0.4% with the technology sector the biggest detractor, down 2.8%.
The tech sector fell 1% and healthcare 0.7% as bond yields continue to increase around the world and place pressure on long-term growth companies.
Another 4% fall in the price of iron ore was almost enough to drive the S&P/ASX200 (INDEXASX: XJO) lower, with the materials sector falling 0.7% to open the week.
The local share market started the week lower, ahead of the US Federal Reserve’s two-day policy meeting, which begins on Tuesday.
A tech slide dragged the ASX indices lower on Wednesday, ahead of the US inflation data coming in overnight.
When I woke up this week and saw that the Altium Limited (ASX: ALU) share price had jumped 25% in one day I was so disappointed. I wanted to buy some Altium shares because I noticed, surprisingly, that it hadn’t really budged since the beginning of the year.
The WiseTech Global Ltd (ASX:WTC) share price is down over 17% after revealing an impressive FY23 result that wasn’t enough for investors.
The local share market managed a 0.9% gain, taking it to a five-month high on the back of another confirmation of falling price levels and inflation.
Are interest rates the only thing that matter? Why are analysts’ valuations of WiseTech Global Ltd (ASX: WTC) all over the place? Andrew Deremith suggests Elon Musk could buy Telstra (ASX:TLS).
