Market Wrap / Friday fizzle

The Australian sharemarket ran out of steam despite a promising start on Friday, and lost ground over the week. 

Another buoyant night on Wall Street thanks to AI mania and the US China summit failed to lift the mood. 

The S&P/ASX 200 fell 0.11% to 8,631 to be down 1.3% over the past five days.

Investors bought back into banking and tech stocks, which had been sold down heavily earlier in the week.

Xero rebounded, rising 8.1%, while Megaport added another 2.3% after surging yesterday on contract wins.

CBA led a modest recovery in the banks, which may face margin pressure from the budget's effects on borrowing in the property sector.

The resources sector was the biggest drag on the broader market as investors took profits after BHP and Rio Tinto hit record highs.

Mineral Resources led the losses, down 7.7% after MD Chris Ellison sold $122 million worth of shares.