Australia: Shares rise as tech stocks track Wall Street higher

[BENGALURU] Australian shares ticked higher on Wednesday as tech stocks tracked an overnight rally in their US peers and miners advanced on robust commodity prices.

The S&P/ASX 200 index rose 0.27 per cent to 6,995.9 in early trade, after closing flat on Tuesday.

Overnight, the S&P 500 closed at a record high and the Nasdaq composite index jumped, as investors remained unfazed by the halt in Johnson & Johnson's Covid-19 vaccine rollout and strong US inflation.

In Australia, technology stocks jumped 2.1 per cent, led by a 3.2 per cent rise in Nearmap and a 3.11 per cent gain in NEXTDC.

Miners climbed 0.6 per cent as iron ore and copper prices ticked up on strong demand.

Gold stocks rose 2.2 per cent as bullion prices bounced off a more than one-week low on Tuesday after data showed strong US inflation.

Resolute Mining jumped 9.57 per cent, while Auteco Minerals gained 5 per cent.

Energy stocks fell 0.6 per cent, despite oil prices settling higher overnight on strong Chinese import data.

Beach Energy slipped 2.1 per cent, while Oil Search lost 1.38 per cent.

New Zealand's benchmark S&P/NZX 50 index climbed 0.27 per cent ahead of a central bank meeting where it is expected to leave interest rates and its quantitative easing programme unchanged.

REUTERS