Market Report: Tech sector holds gains (updated)

Australian tech stocks have enjoyed a solid day on the back of strong rises in the US markets overnight.

The ASX Info Tech closed 23 points stronger today, ending the day at 508.6, up almost 5 per cent.

The broader ASX All Ordinaries peaked early around 3575 before dropping backing to 3517.3 by days end. A rise of almost 1 per cent.

The ASX 200 lost stronger early gains to settle 29.7 points up at 3580.

The Telecommunications index, however, dropped 0.3 per cent, down to 1078.6 points. Telstra (ASX:TLS) lost $0.10 to $3.14 while Singtel (ASX:SGT) hit $2.39 – a rise of $0.04.

The rise comes after the US Dow Jones rose almost 7 per cent overnight, in one of its biggest ever increases.

Among the major IT stocks, Computershare (ASX:CPU) was up $0.43 to $8.97. The company recently announced that it plans to buy US-based, Kurtzman Carson Consultants, in a $US85 million dollar deal.

Silex Systems (ASX:SLX) was up $0.08 to $3.78.

Oakton Limited (ASX:OKN) was up $0.03 to $0.60.

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