ASX lifts on tech strength

By the Editorial Team · Saturday, August 29, 2026

The Australian sharemarket closed the week up 0.6 percent, led by strong gains in the technology sector fueled by robust earnings reports from major companies like Dicker Data and positive U.S. tech results. Increased market volatility marked the reporting season’s end, with significant share price swings and earnings declines for firms such as WAM Capital, which posted a large loss and cut its dividend.

The Australian sharemarket closed the week higher, driven by strength in the technology sector, despite ongoing concerns over interest rates. The S&P/ASX 200 index rose 0.6 percent on Friday, finishing at 9,092.3 points, with nine of the 11 sectors posting gains. For the week, the benchmark increased 0.37 percent as the market approached the end of the reporting season.

Tech stocks were buoyed by positive results from major U.S. companies, including Nvidia and Salesforce, which lifted investor sentiment. Locally, IT firm Dicker Data saw its shares surge 20.7 percent to $15.30 after reporting a 37 percent jump in first-half earnings. Managing Director Fiona Brown attributed the strong performance to opportunities arising from technology refresh cycles, investments in artificial intelligence infrastructure, and sustained demand in software and cybersecurity.

Other technology companies also showed gains: Xero climbed 4.8 percent to $85.64, TechnologyOne added 3.5 percent, while WiseTech, NextDC, and Life360 each increased between 2.1 and 2.7 percent. SaaS provider Readytech recovered 8.8 percent on Friday, cutting its year-to-date losses to 37 percent after a challenging period for Software-as-a-Service companies.

In contrast, property exchange platform PEXA fell 17.4 percent to a record low after five years on the ASX. The company’s full-year results included guidance pointing to a significant earnings slowdown amid weakening demand for home sales.

Gold miner Pantoro Gold and lithium company Valean Energy were among the biggest gainers outside technology, rising 5.9 percent and 5 percent, respectively.

Market analysts highlighted increased volatility during the reporting season’s final week. Morningstar reported that about one-third of covered companies saw their fair value estimates raised this season, with overall valuations reduced by roughly 20 percent. Share price movements on results days averaged 6.5 percent in either direction. Morningstar analyst Lochlan Halloway noted the resurgence in volatility, particularly among smaller stocks.

Investment firm WAM Capital experienced significant volatility, with its shares tumbling 18.5 percent to a 16-year low. The company posted an after-tax operating loss of $125.9 million for the year, a sharp reversal from the previous year’s $219.6 million profit. Additionally, WAM Capital reduced its dividend by half, issuing a partially franked payout after six years of dividends exceeding profits.

In corporate dividends, Virgin Australia declared its first dividend since relisting, driven by a 14.3 percent increase in earnings, but its shares declined 1.4 percent on Friday. Domino’s Pizza chair Jack Cowin increased his stake in the company by $3 million during the week, despite the pizza chain announcing a full-year loss of $134.2 million. Domino’s shares fell 1 percent on Friday.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.