Australia: Shares rise on Wall Street strength; banks, tech stocks jump

[BENGALURU] Australian shares firmed on Thursday, boosted by Wall Street's sharp rebound overnight that helped outweigh weak energy and mining stocks after commodity prices retreated.

The S&P/ASX 200 index rose 0.5 per cent to 7,089.7 in early trade, building on a 1 per cent jump in the previous session.

US stocks surged overnight, led by the tech sector, rebounding from several days of declines as oil prices pulled back sharply and investors gauged developments in the Ukraine crisis.

The domestic tech sub-index tracked its US peers to rally 4 per cent, with Australia-listed shares of Block Inc up nearly 9 per cent, followed by Life360 Inc's 7 per cent jump.

Financial stocks further lent weight, adding 2 per cent as the major banks climbed between 2.4 per cent and 1 per cent.

However, a retreat in oil prices hurt energy stocks, dropping 3.4 per cent to the bottom of the benchmark.

Beach Energy lost 9 per cent, followed by Woodside Petroleum - down 6 per cent.

Miners fell 2.3 per cent, with Nickel Mines slumping more than 10 per cent.

Rio Tinto dropped 8.3 per cent, notching its sharpest loss since March 2020, as shares traded ex-dividend. The company also said on Thursday it is in process of terminating all commercial relationships with Russian businesses.

Nickel Mines slumped most on the bourse on reports of short positions held by China's Tsingshan Holding, its top shareholder, in nickel trading on the London Metal Exchange (LME).

Australia-listed buy now, pay later firm Sezzle Inc said it will cut 20 per cent of its positions in North America, sending its shares up 6.5 per cent.

Bullion prices retreated as risk appetite improved, leading local gold miners to fall as much as 3.9 per cent - the biggest daily loss since Feb 25.

Resolute Mining dropped 6%, followed by Newcrest Mining, down 4 per cent.

New Zealand's benchmark S&P/NZX 50 index rose 1.1 per cent to 11,939.38, with Pacific Edge jumping 7 per cent to lead gains. REUTERS