Australian shares rose on Wednesday to recover from two straight sessions of losses, powered by heavyweight miners and energy firms, a day after the central bank stood pat on interest rates.

The S&P/ASX 200 index was up 0.7% at 7634.60 points by 2315 GMT.

The benchmark closed 0.6% lower on Tuesday.

The Reserve Bank of Australia on Tuesday decided to hold interest rates at a 12-year high of 4.35%, but left the possibility of future rate hikes open, in a hawkish caution.

Lifting sentiment was data that showed a slow but steady increase in Australian fourth-quarter retail sales volumes.

Additionally, investors around the world wrap their head around a mixed bag of signals from Federal Reserve officials about its first planned interest rate cut, after Chair Jerome Powell dashed any surviving hopes of a March cut.

On the local bourse, miners led gains with a 1.5% jump, set for their best day since Jan. 25, if trend holds. Shares of sector majors BHP Group and Fortescue were up 1.2% and 1.9%, respectively.

Australian energy stocks added to the upward trajectory, trading 0.7% higher on the back of elevated oil prices, hitting their highest level since Oct. 30.

Australian shares drop 1% ahead of RBA rate decision

Shares of sector giant Woodside Energy were up 1% while Santos climbed 0.8%. Gold stocks rose 0.7%, aided by firmer bullion futures.

Shares of gold miners Northern Star Resources and Evolution Mining were up 1% each.

Heavyweight financials were trading 0.4% higher, while National Australia Bank fell more than 1% in early trade. NAB named Andrew Irvine as group chief executive officer and managing director, succeeding Ross McEwan.

New Zealand’s benchmark S&P/NZX 50 index was flat at 11912.56 points after data signalled the country’s jobless rate rose to 4% in the fourth quarter even as employment grew 0.4%.