ASX 200 tech shares outperformed the market last week with a 1.96% boost over the five trading days.
This was the fifth week out of the past six that tech stocks have fared better than all other market sectors.
The S&P/ASX 200 Index (ASX: XJO) lost 0.23% last week to close at 8,420.9 points on Friday. The benchmark index reset its all-time high once again on Tuesday at 8,514.5 points.
Only five of the 11 market sectors finished the week in the green.
Let's recap.
Several of the larger ASX tech shares by market capitalisation enjoyed solid gains over the week.
The share price of the sector's biggest player, WiseTech Global Ltd (ASX: WTC) rose by 2.56% to end the week at $131.37 per share.
The Xero Ltd (ASX: XRO) share price finished 1.68% higher at $178.04.
TechnologyOne Ltd (ASX: TNE) shares rose by 3.41% to close Friday's session at $31.54.
Life360 Inc (ASX: 360) shares continued their seemingly unstoppable trajectory, rising 3.88% to $26.21.
Shares in electronics solutions provider Codan Ltd (ASX: CDA) rose 3.04% to $16.25.
The Nuix Ltd (ASX: NXL) share price swished 5.05% higher to close at $6.66 on Friday.
Some of the most impressive gains last week were seen among the small-cap ASX tech shares.
Bravura Solutions Ltd (ASX: BVS) shares skyrocketed 39.4% to $2.21 apiece.
This followed the wealth management software company upgrading its FY25 revenue and earnings guidance on Wednesday. The company also said it would resume paying dividends in 2025.
Another strong performer was Praemium Ltd (ASX: PPS), which provides administration software and financial planning tools to the wealth management industry.
The Praemium share price rocketed 9.09% to 78 cents, despite no news from the company last week.
The Weebit Nano Ltd (ASX: WBT) share price lifted 5.15% to $2.86 despite no news from the memory and semiconductor technology company.
Technology is on track to be the best-performing market sector of 2024.
As we reported last week, some ASX tech stocks are even outperforming the US Magnificent Seven on share price growth.
However, many brokers think some of the ASX tech shares with the highest price gains of 2024 are still in the buy zone. You can check them out here.
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Information Technology (ASX: XIJ) | 1.96% |
| Consumer Discretionary (ASX: XDJ) | 1.73% |
| Consumer Staples (ASX: XSJ) | 0.57% |
| Industrials (ASX: XNJ) | 0.31% |
| Materials (ASX: XMJ) | 0.15% |
| Communication (ASX: XTJ) | (0.01%) |
| Healthcare (ASX: XHJ) | (0.26%) |
| Financials (ASX: XFJ) | (0.55%) |
| Energy (ASX: XEJ) | (1.02%) |
| Utilities (ASX: XUJ) | (1.27%) |
| A-REIT (ASX: XPJ) | (2.65%) |
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