Four-week losing streak ends on a high

THE Australian sharemarket surged higher for the second straight day, with tech stocks among the best performers.

The benchmark ASX200 index closed 0.87 per cent higher at 7320.1 points, while the All Ordinaries Index rose 0.88 per cent to 7617.3.

CommSec analyst Steven Daghlian said it meant the week finished in positive territory, putting an end to a fourweek losing streak.

The ASX200 rose 1.87 per cent over the week.

“What seems to have provided a bit of a boost (is) the US Senate approved legislation to lift the US debt ceiling,” Mr Daghlian said. “That means no US government default for the time being.”

OMG chief executive Ivan Tchourilov said it had been a rocky week for the local bourse.

“Headwinds, mostly from the US debt ceiling debate and inflationary concerns, are putting downward pressure on valuations,” he said.

Among tech stocks, buynow-pay-later market leader Afterpay rose 1.96 per cent to $122.99 and smaller rival Zip gained 1.9 per cent to $6.98.