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% to 7,089.7 points in early trade, building on a 1% 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%, with Australia-listed shares of Block Inc up nearly 9%, followed by Life360 Inc’s 7% jump.

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

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

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

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

Rio Tinto dropped 8.3%, 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% of its positions in North America, sending its shares up 6.5%.

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

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

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