Australian shares rise as energy and tech stocks gain

Australian shares rose for the second day in a row on Tuesday. The increase was led by strong performances in energy and technology stocks. Rising oil prices and positive news from Wall Street helped boost investor confidence. The S&P/ASX 200 index gained 0.6%, reaching 7,904.2 points by 2335 GMT. The energy sub-index added 1.5%, supported by rising oil prices amid heightened tensions in the Middle East and increased demand expectations from China. Major companies like Woodside Energy and Santos saw their stocks rise by 1.2% and 0.6%, respectively. The banking sub-index also showed improvement after breaking a nine-day losing streak. It was up 0.8%. Since February 14, Australia's "Big Four" banks have lost about A$86 billion. ANZ, Commonwealth Bank of Australia, and Westpac saw their shares increase between 0.9% and 1%. Technology stocks were another highlight, gaining 1.2%. Companies like WiseTech Global, Megaport, and the local shares of Block rose by 0.1%, 3.2%, and 3.1%, respectively. The mining sector remained stable, with higher profits from New Hope Corporation offsetting losses in iron ore prices. New Hope's shares surged over 8% after announcing a larger dividend and share buyback. However, BHP Group and Fortescue fell by 0.1% to 0.8%. In individual stock news, shipbuilder Austal jumped 6.3% after Korean conglomerate Hanwha acquired a 9.9% stake in the company. Meanwhile, New Zealand's S&P/NZX 50 index rose by 0.3%.