The Australian share market is expected to begin trading higher today as it takes its lead from a strong performance in the United States.
Future trading pointed to an increase of almost 1% when the benchmark S&P/ASX 200 index opens on the last trading day of the week.
At 9.30am (AEDT) the December 2024 contract of the ASX share price (SPI) 200 index was trading at 8,347, 74 points (0.88%) higher.
The Australian market had closed barely changed on Thursday, with the S&P/ASX 200 ending 3.3 points lower at 8,323.
Market sentiment was boosted by higher closes on Wall Street with the Dow Jones Industrial Average climbing 1.1% and the S&P 500 adding 0.5%, although the Nasdaq Composite closed flat.
Investor attention in the U.S. moved from technology stocks to cyclicals likely to benefit from economic acceleration, including Goldman Sachs, Caterpillar and Home Depot.
Among the Australian stocks in focus will be logistics software company WiseTech (ASX: WTC) which this morning provided an update to its FY25 guidance issued in August.
WiseTech said it expected FY25 revenue of $1.2 billion to $1.3 billion, 15%–25% more than in FY24, and earnings before interest, tax and depreciation (EBITDA) of $600 million to $660 million, 21%–33% higher, and a full year EBITDA margin of 50%-51%.
This is below guidance issued on 21 August when it forecast revenue of $1.3 billion to $1.35 billion, EBITDA of $660 million to $700 million, and an EBITDA margin of 51%-52%.
The company blamed a delay in the commercial launch of “breakthrough product” Container Transport Optimization, which it attributed to distractions from recent media attention and subsequent organisational changes.
On fixed interest markets, Australian Government bonds were flat at 0950 am (AEDT) with the 10-year yield at 4.573% and the two-year yield at 4.119%.