Australian shares climbed on Thursday amid a global rebound in equity markets, after the Bank of England said it would take immediate measures to calm Britain’s distressed bond markets.

The S&P/ASX 200 index rose 1.7% by 0024 GMT.

The benchmark fell 0.5% on Wednesday. Global markets recovered marginally after the British central bank said it will launch an emergency bond-buying programme aimed at preventing the market turmoil from spreading.

In Sydney trading, energy stocks led the gains, climbing 2.7% on higher oil prices after US fuel inventory figures showed larger-than-expected drawdowns. Oil and gas majors Woodside Energy and Santos rising 3.3% and 2.6%, respectively.

AGL Energy gained 2.6%, after the country’s top power producer unveiled plans to invest up to A$20 billion ($13.00 billion) in new renewable energy by 2036.

Miners, energy stocks lift Australian shares despite recession jitters

Miners advanced 2.7% with iron ore behemoths BHP and Rio Tinto up 2.2% and 1.7%, respectively. Strong bullion prices lifted gold stocks 4.6%, with country’s largest gold miner Newcrest Mining jumping 3.4%.

Tech index and financials gained over 1% each.

Premier Investments Ltd soared 8.4% and was the top gainer on ASX 200, after the fashion retailer posted an annual net profit attributable of A$285.2 million ($185.35 million), compared with A$271.8 million a year ago.

Separately, Iress, down 17.8%, was the top percentage decliner, after the software provider trimmed its full-year net profit after tax guidance to between A$54 million and A$58 million from the previous range of A$63 million to A$72 million.

The New Zealand benchmark S&P/NZX 50 index rose 1.2% to 11,251.91.

The country’s central bank proposed changes to the means by which banks should apply risk weighting to their exposures under capital adequacy rules.