ASX near ‘elusive record highs’

THE Australian sharemarket ended Friday slightly higher, with travel stocks gaining on positive COVID-19 news in Sydney while tech companies continued to be hammered.

The S&P/ASX200 finished up 0.27 per cent at 7080.8, while the All Ordinaries Index gained 0.26 per cent to 7325.2.

CommSec analyst Steve Daghlian said it was the fourth improvement in five days.

“It means we’re creeping back up to those 14½-month highs, which we hit on Wednesday, and we’re not too far away from the very elusive record highs,” Mr Daghlian said.

Tech stocks, however, fell for the sixth consecutive day.

Buy now, pay later market darling Afterpay slid 4.14 per cent to $95.38 but smaller rival Zip Co advanced 1.81 per cent to $7.33.

Geospatial map technology outfit Nearmap sank 4.97 per cent to $1.72 a day after vowing to fight a complaint in the US District Court by competitors Eagle View Technologies and Pictometry International, which allege patent infringement and seek damages.

The stock plummeted 23.3 per cent on Thursday.

Accounting software provider Xero slipped 2.59 per cent to $133.75 while logistics software outfit Wisetech Global declined 3.12 per cent to $28.23.