Australian sharemarket lifts despite continuing tech stock weakness, banks the mainstay

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The ASX gained ground despite ongoing weakness in the tech sector in multiple global markets, with banks the standout performer locally.

The Australian sharemarket finished higher despite tech stocks once again weighing on the market, in line with Wall Street.

The S&P/ASX200 was up 0.47 per cent at 6771.2 while the All Ordinaries Index lifted 0.41 per cent to 7000.4.

Axi chief global market strategist Stephen Innes said Wall Street had a mixed trading session overnight with the Dow Jones index up while the Nasdaq fell as rising US bond yields continued to crush high valuation tech stocks.

CommSec analyst Tom Piotrowski said the local bourse also had mixed fortunes, starting off upbeat before pulling back.

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