Australian shares rise as tech firms roar back

Australian shares rose on Wednesday as technology stocks gained the most in more than seven months after a rally in the tech-heavy Nasdaq overnight.

The S&P/ASX 200 index gained 0.3% to 6,790.2 by 2304 GMT. The benchmark had closed 0.5% higher on Tuesday.

A gauge of global stocks also gained as a fall in US Treasury yields eased concerns that the economic recovery could overheat and lead to stronger-than-expected inflation. Lower yields also helped the Nasdaq surge more than 3%.

A sub-index of Australian technology-related shares soared 4.7% and were on track for their best day since July 2020. Buy-now-pay-later giant Afterpay jumped 8.4%, while Appen Ltd gained 5.9%.

The gold index rose as much as 2.8% as the dip in yields also supported bullion prices.

West African Resources rose 7.69%, followed by Gold Road Resources Ltd, which gained 6.6%.

Sentiment was also boosted by Australia's central bank chief rebuffing market talk of rate hikes, saying it will take at least until 2024 to reach full employment even as the economy was now within "striking distance" of its pre-pandemic output.

Energy stocks, meanwhile, shed 1.7% as oil prices eased. Beach Energy and Santos slid 2.8% and 2.7%, respectively.

In New Zealand, the benchmark S&P/NZX 50 index climbed as much as 0.9% at 12,257.5.

The country's central bank said it will remove some temporary liquidity facilities it had put in place during the COVID-19 pandemic, because of improving market conditions.