Australian shares see-sawed on Wednesday as investors weighed developments surrounding the Russia-Ukraine conflict, while supermarket chain Woolworths jumped after beating first-half profit estimates.

The S&P/ASX 200 swung between positive and negative territory, and was up 0.1% at 7,174, as of 2353 GMT.

The benchmark fell 1% on Tuesday.

Global investor sentiment remained jittery after the United States became the latest to sanction Russian elites and banks after Moscow ordered troops into two separatist regions of Ukraine.

Australian gold stocks were the top losers on the benchmark, sliding more than 2% after bullion prices pulled back.

Australia shares set to open lower as Ukraine worries simmer, NZ gains

Shares of Newcrest, the country's largest gold miner, shed 2.4%, while Northern Star Resources fell over 3%.

Woolworths jumped more than 4% after Australia's biggest supermarket operator beat first-half earnings estimates and forecast improved financial performance for the second half.

Technology shares gained as much as 1.5% after a four-day losing streak. WiseTech Global was the top gainer on the sub-index, rising 4.5% after robust half-year earnings and outlook.

Domino's Pizza Enterprises Ltd plunged up to 14.6% after reporting a 5.5% drop in half-yearly net profit after tax to A$91.3 million, missing a Visible Alpha consensus estimate by 7%.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 12,144.43. Shares of NZME jumped nearly 10% after the media firm reported higher annual results.