The S&P/ASX 200 index was up 0.9 per cent at 6,839.2 by the close of trade.
Participants also kept an eye out for possible changes to the U.S. Federal Reserve’s outlook from Chairman Jerome Powell in his testimonial before the Senate Banking Committee later in the day.
Commodity prices strengthened as oil prices rose on a tight global supply outlook after U.S. production was hammered by frigid weather and an approaching meeting of top crude producers is expected to keep output largely in check.
Australian energy stocks rose 4.9 per cent on firmer oil prices.
Oil and gas explorers Woodside Petroleum and Santos Ltd advanced 5.7 per cent and 5.9 per cent, respectively.
Gold stocks jumped 2.8 per cent, with spot gold hitting a one-week high as inflation worries boosted the bullion’s appeal as a hedge.
Miners climbed 2 per cent on the back of a continued rise in copper prices, helped by tight supply and expectations of strong demand.
Copper-exposed global miners BHP Group and Rio Tinto gained 3.1 per cent and 1.8 per cent, respectively.
Top independent gold miner Newcrest Mining jumped 4.4 per cent, while peer Bellevue Gold rose 5.1 per cent. Financials also rose, with the so-called “Big Four” banks gaining in the range of 1.1 per cent to 1.9 per cent.
Tech stocks tracked Wall Street peers lower to drop 4.1 per cent, with buy-now-pay-later co Afterpay Ltd falling 7.2 per cent, while accounting software maker Xero Ltd lost 2.7 per cent.
SEEK Ltd closed 7.1 per cent lower after the job portal operator said it was in talks to cut its stake in Chinese unit Zhaopin for A$2.2 billlion ($1.74 billion).
In New Zealand, the benchmark S&P/NZX 50 index fell 0.3 per cent, pulled down by utility and healthcare stocks.
($1 = 1.2628 Australian dollars)
