Australian shares jumped more than 1% on Tuesday, as lithium and commodity stocks rallied sharply after battery metals explorer Liontown Resources rejected a $3.7 billion buyout bid from Albemarle Corp.

The S&P/ASX 200 index rose 1.1% to 7,037.6 points by 0006 GMT, marking a near two-week high.

Liontown soared 59% to a record high after it rebuffed an indicative offer from top lithium producer Albemarle Corp that valued the lithium developer at A$5.50 billion ($3.66 billion).

Other lithium players like Pilbara Minerals, Allkem, and IGO Ltd rose between 5.9% and 12.2%.

Meanwhile, United Malt Group Ltd jumped nearly 35% after it received a A$1.50 billion ($998 million) non-binding offer from Malteries Soufflet, a branch of French agribusiness InVivo. Energy stocks added 3.4% on stronger oil prices.

Sector majors Woodside and Santos gained 3.8% and 2.7%, respectively.

Miners rose on receiving a boost from higher commodity prices. BHP Group and Rio Tinto added between 0.9% and 1.6%.

Fortescue Metals said it would delay initial production at its Iron Bridge Project in Pilbara to the second half of April.

Fortescue shares were up 2.1%. Gold stocks declined 1.4% after bullion prices slid. Newcrest Mining fell 0.3%.

Easing banking crisis fears give Australia shares modest lift

Banks gained 1.1% after global financial stocks had a respite as a deal for Silicon Valley Bank’s assets improved sentiment. The “Big Four” banks rose up to 1.1%.

Shares of local contractor Downer EDI climbed 0.6% after the company appointed a new finance chief amid board reshuffle.

New Zealand’s benchmark S&P/NZX 50 index jumped 0.5% to 11,673.2 points.