Technology dominated the ASX 200 market sectors this week, gaining 2.3% over the past five trading days. Healthcare also moved substantially higher, up 2.25%.
Overall, six of the 11 market sectors finished the week higher.
The S&P/ASX 200 Index (ASX: XJO) rose 0.36% over the five days to close at 7,073.2 points on Friday.
Let's review the week.
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Technology led the ASX sectors this week
Lower-than-expected inflation data released this week was a particular tailwind for technology shares.
The Bureau of Statistics reported that inflation in Australia increased by 4.9% in the 12 months to October. That's down from 5.6% in September, and well below consensus expectations of 5.2%.
ASX tech shares are especially impacted by higher inflation and interest rates because most Aussie tech companies are in their infancy, at least by international standards. So, they're still in growth mode, which often means they're carrying more debt and spending more money ramping up their businesses.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) rallied 3.45% over the two days following the inflation news.
It was the technology small-caps and mid-caps that recorded the most impressive moves this week.
Iress Ltd (ASX: IRE) shares surged 23.4% to $7.33 over the five days. The financial technology company released a strategy update on Thursday and upgraded its FY24 earnings guidance by more than $10 million.
Other strong movers were Siteminder Ltd (ASX: SDR) and Codan Ltd (ASX: CDA) shares, both up 6.2% to $4.95 and $8.89, respectively. The Dicker Data Ltd (ASX: DDR) share price rose 3.1% to $11.42.
Among healthcare stocks, the Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH) share price surged 8.1% after the company revealed its 1H FY24 results.
Healius Ltd (ASX: HLS) shares surged 14.4% amid news that two major superannuation funds have loaded up on Australia's second-largest pathology provider. Healius also conducted its annual general meeting and released an update including plans for a corporate reset.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up this week, according to CommSec data.
Over the past five days:
| S&P/ASX 200 market sector | Change this week |
| Information Technology (ASX: XIJ) | 2.30% |
| Healthcare (ASX: XHJ) | 2.25% |
| A-REIT (ASX: XPJ) | 1.19% |
| Industrials (ASX: XNJ) | 0.85% |
| Financials (ASX: XFJ) | 0.73% |
| Consumer Discretionary (ASX: XDJ) | 0.44% |
| Materials (ASX: XMJ) | (0.10%) |
| Consumer Staples (ASX: XSJ) | (0.25%) |
| Communication (ASX: XTJ) | (0.78%) |
| Energy (ASX: XEJ) | (2.34%) |
| Utilities (ASX: XUJ) | (2.51%) |
