Australia: Banking, tech stocks boost shares ahead of RBA meeting

[BENGALURUA] Australian shares rose on Tuesday, boosted by financial and tech stocks ahead of a central bank policy meeting, even as the West cranked up sanctions against Russia over its Ukraine invasion.

The S&P/ASX 200 index was up 1.2 per cent at 7,133.9 by 2358 GMT after Monday's 0.7 per cent rise, with most sectors trading in positive territory.

The Reserve Bank of Australia is expected to keep rates steady at its monthly policy meeting later in the day and likely indicate that a hike could come in the July-September quarter.

Shares of Commonwealth Bank of Australia climbed 1.7 per cent after the country's biggest lender said it would sell a 10 per cent stake of China's Bank of Hangzhou for about A$1.8 million (S$1.78 million), exiting a nearly two-decade-old investment amid market pressure.

The other three "Big Four" banks gained between 0.9 per cent and 1.7 per cent, helping financials rise 1.9 per cent.

Technology stocks advanced 4.4 per cent and were the top percentage gainers on the benchmark, with Block Inc's Australian shares rising as much as 12.8 per cent.

Energy stocks gained 1.5 per cent as oil prices jumped on fears of severe disruptions to Russia's exports, while mining and healthcare stocks rose 0.6 per cent and 0.8 per cent, respectively.

Shares of IGO climbed as much as 10.4 per cent and were on track for their best day in more than a year, after the miner said it discontinued negotiations with UK-based miner Glencore Plc to buy its CSA copper mine in New South Wales state.

Shares in Virtus Health jumped as much as 4 per cent to their highest since October 2016 after the vitro fertilisation services provider received a sweetened buyout proposal from CapVest Partners.

Gold stocks were the only laggard, losing 2.9 per cent.

New Zealand's benchmark S&P/NZX 50 index was up 1.5 per cent at 12,151.51. REUTERS