Business
Profit season in full flight as buy now, pay later records tumble – afr.com
Upbeat earnings, a flurry of strong dividends and a rally in local tech stocks has added to the market’s strong performance through February.
The Aussie IT sector is besting the broad market again in February and this is happening despite higher bond yields, which tends to hurt higher duration sectors such as IT more, said Ophir Asset Management head of research, Luke McMillan.
We are seeing offshore IT, such as the big tech names in the US like Microsoft, Apple, Alphabet and Netflix all beating earnings estimates, helping to underpin the sector globally.
Afterpays record high was set on Wednesday, when its valuation exceeded $45 billion.
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