Australia shares gain for the second straight session, as energy and tech leads gains

Tuesday saw Australian shares rise for the second session in a row, boosted by energy and technology stocks. Rising oil prices, and Wall Street's positive lead, also helped to boost sentiment.

By 2335 GMT, the S&P/ASX 200 Index had risen 0.6% to 7,904.2. The benchmark closed Monday 0.8% higher.

The energy sub-index on the local exchange increased by 1.5%, as oil prices continued to rise due to escalating geopolitical conflicts in the Middle East. Meanwhile, stronger Chinese economic data also boosted demand expectations.

Woodside Energy, a major sector player, and Santos both added 1,2% and 0,6% respectively.

After snapping a nine-day loss streak on Monday, the banking sub-index continued to gain. The last time it traded was 0.8% higher.

Since February 14, Australia's four "Big Four" banks lost approximately A$86 billion (US$54.87 billion). ANZ and Westpac were trading between 0.9% to 1% higher.

The three U.S. equity indexes rose overnight, after new data revealed that retail sales had rebounded during February. Along with the economic data, markets were also assessing President Donald Trump's policies on tariffs.

Technology stocks were the biggest gainers in Sydney with a 1.2% increase. WiseTech Global and Megaport gained 0.1% each, while local shares of Block rose 3.2%.

New Hope Corporation, a coal miner that reported higher profits and increased its return to investors by announcing an increase in dividends and a stock buyback, saw a gain of over 8%.

BHP Group, Fortescue and other iron-ore giants fell between 0.1% to 0.8%. Rio Tinto traded 0.1% higher.

Shipbuilder Austal, a stock that is traded on an individual basis, gained 6.3% in value after Hanwha, a former suitor of the company, acquired a 9.9% stake.

New Zealand's benchmark S&P/NZX50 index rose by 0.3%.

(source: Reuters)