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Australian shares settled higher on Tuesday, as Woodside Energy boosted energy stocks after declaring a record interim dividend, and tech heavyweights gained following a sharp sell-off in the previous session.

The S&P/ASX 200 index closed 0.5% higher at 6,998.3, recouping some of the losses suffered on Monday in its worst session since June 30.

On Monday, shares fell sharply after Federal Reserve Chair Jerome Powell’s promise of policy “pain” to contain inflation quashed hopes that the U.S. central bank would ride to the rescue of markets as so often in the past.

“Energy producers and earnings-related announcements led today’s rebound in the market,” said Kunal Sawhney, chief executive officer of Kalkine Group.

“But for the rest of the week, the broader theme that is likely to shape market direction is Powell’s comments, which were heavily and unequivocally tilted towards continued tighter monetary policy.”

Shares of Woodside Energy rose 3.8% to their highest since July 2, 2019, before paring some gains to close up 1.5%.

The gas producer more than tripled its interim dividend payout and posted a five-fold increase in first-half profit on booming oil and gas prices and its takeover of BHP Group’s petroleum arm.

Australia shares record worst day in 9 weeks after Powell comments

The broader energy sub-index climbed 1.4%, also benefiting from higher oil prices.

Meanwhile, BHP said its shareholders had sought inclusion of climate sensitivity analysis in financial statements from 2023, and consistency on climate policy. Shares of the company closed down 0.6%.

Shares of Mineral Resources hit a record high and topped gains on the benchmark index, a day after the company posted annual results. Brokerage Jefferies raised its price target for the stock, while UBS re-iterated its “buy” rating.

Technology shares jumped 1.8%, regaining some of the losses recorded on Monday.

New Zealand’s benchmark S&P/NZX 50 index climbed 1.2% to 11,648.65.

Dairy producer a2 Milk Co extended gains driven by better-than-expected annual results, and hit its highest since February.

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