Australian stocks experienced a notable uptick for the second straight day, fueled by robust performances in the energy and technology sectors. This surge comes amid rising oil prices and a positive influence from Wall Street, which has lifted market spirits. As of the latest reports, the S&P/ASX 200 index saw an increase of 0.6%, reaching 7,904.2 points.

Energy Sector Boosted by Global Events

The local energy sector demonstrated impressive growth, adding 1.5% to its value. This rise is largely attributed to escalating geopolitical tensions in the Middle East and encouraging economic indicators from China, which have raised expectations for oil demand. Notable players in this sector, such as Woodside Energy and Santos, recorded gains of 1.2% and 0.6%, respectively.

Banking Sector Recovery

After breaking a nine-day losing streak, the banking sector continued to gain momentum, trading 0.8% higher. However, it’s worth noting that Australia’s "Big Four" banks have collectively shed around A$86 billion (approximately $54.87 billion) since mid-February. Stocks of ANZ, Commonwealth Bank of Australia, and Westpac saw increases ranging from 0.9% to 1%.

U.S. Market Influences

The positive sentiment in the Australian market was mirrored by the performance of U.S. equity benchmarks, which all rose following new data indicating a rebound in retail sales for February. Investors are also closely monitoring U.S. President Donald Trump’s tariff policies alongside these economic insights.

Technology Sector Shines

Tech stocks emerged as significant gainers in today’s trading, rising 1.2%. Companies like WiseTech Global, Megaport, and local shares of Block saw movements of 0.1%, 3.2%, and 3.1%, respectively, contributing to the overall robust performance of the sector.

Mining Sector Stability Amid Fluctuations

The Australian mining sector remained relatively stable, with gains in New Hope Corporation—up over 8% after reporting increased profits and announcing a higher dividend alongside a share buyback. However, iron ore giants like BHP Group and Fortescue experienced slight declines, ranging from 0.1% to 0.8%, while Rio Tinto managed to edge up by 0.1%.

Noteworthy Stock Movements

In individual stock news, Austal, a shipbuilding company, surged 6.3% following the announcement that South Korean conglomerate Hanwha acquired a 9.9% stake in the firm.

New Zealand Market Update

Meanwhile, across the Tasman Sea, New Zealand’s S&P/NZX 50 index also climbed, recording a 0.3% increase.

This positive momentum in Australian and New Zealand markets highlights the interconnectedness of global markets and the impact of geopolitical events on investor sentiment.