The Australian sharemarket has extended last week's rally, led up by the big banks as investors search for value following the recent sharp dive in stocks. The benchmark S&P/ASX 200 added 47.68 points, or 0.9 per cent, to 5319.4. The broader All Ordinaries gained 47.23 points, or 0.9 per cent, to 5307.3. Across the Asia-Pacific region, markets were up after a recovery on Wall Street on Friday where robust US economic data lifted investors spirits.