Australian shares climbed on Tuesday, lifted by miners and energy stocks, as easing of COVID-19 restrictions in China boosted prices of commodities.

The S&P/ASX 200 index rose as much as 0.4% by 0043 GMT, its highest level since June 14.

The benchmark jumped 1.9% on Tuesday.

Leading gains on the benchmark, energy stocks climbed 2.5% to hit a near one-week high.

Oil prices climbed on the prospect of tight supplies as the Group of Seven nations proposed to cap the price of Russian oil as part of new sanctions to hit Moscow’s finances.

Australian shares end higher, enjoy best day in nearly 5 months

Sector heavyweights Woodside Energy and Santos rose 1.7% and 1.3%, respectively.

Miners rose 2% as iron ore prices jumped on easing COVID-19 restrictions in Shanghai and relaxed testing mandates in several Chinese cities.

Sector leaders BHP Group, Rio Tinto and Fortescue added between 0.5% and 3%. Gold stocks rose 2.2%, rebounding from Monday’s sharp losses.

Newcrest Mining, the country’s largest gold miner, advanced as much as 2%, and Northern Star Resources rose 4.6%.

Limiting losses on the benchmark, technology stocks gave up as much as 1.4% to eye its worst day in nearly one week, tracking a dull overnight session on Wall Street.

ASX-listed shares of Block slipped 3.2%, while software firm Xero lost 0.8%.

Tassal Group jumped as much as 16.1% to eye its best day ever, after the company said it rejected a non-binding takeover bid from Canadian aquaculture firm Cooke Inc, which valued the seafood supplier at A$1.04 billion ($720.30 million).

New Zealand’s benchmark S&P/NZX 50 index added as much as 0.4% to 11,039.7, clocking gains for a third straight session.