News: CBA Australian shares rise on mining, tech boost; NAB drops

May 5 (Reuters) - Australian shares climbed on Thursday, as miners advanced on strong underlying commodity prices and tech stocks tracked Wall Street higher after the U.S. Federal Reserve delivered a widely expected interest-rate hike.

The S&P/ASX 200 index (xjo) was up 0.6% at 7,348.0 by 0055 GMT, with all sectors except financials trading in positive territory. The benchmark fell 0.2% on Wednesday.

Stock markets rallied globally after the Fed said it would begin to reduce its balance sheet in June, in a decision seen as less hawkish than some feared, and Chair Jerome Powell said the central bank was not "actively considering" a 75 basis-point rate hike.

Heavyweight miners .AXMM were the top boost to the benchmark stock index in Australia, jumping 1.6% after iron ore futures leapt more than 4% on China demand hopes.

Iron ore behemoths BHP Group (BHP) , Rio Tinto (RIO) and Fortescue Metals Group (FMG) gained between 0.6% and 2.6%.

Energy stocks .AXEJ soared 1.7% as oil prices extended gains fuelled by a proposal of the European Union to impose new sanctions against Russia that included an embargo on crude oil in six months.

Heavyweights Woodside Petroleum (WPL) and Santos (STO) jumped nearly 2% each.

Tech stocks .AXIJ tracked their Wall Street peers higher, rising 2.3%. ASX-listed shares of Block Inc (SQ2) were up 2.1%.

Firm bullion prices helped gold stocks .AXGD rise 1.7%. Newcrest Mining (NCM) , the country's largest gold miner, gained 0.4%.

Meanwhile, financials .AXIJ skid 1.3%. National Australia Bank (NAB) dropped 3.5% after the country's No. 2 lender warned of higher costs.

Westpac Banking Corp (WBC) , and Australia and New Zealand Banking Group (ANZ) slipped between 1% and 1.6%, while Commonwealth Bank of Australia (CBA) gained 0.7%.

Australian carrier Qantas Airways (QAN) said it would buy the remaining 80% stake in Alliance Aviation Services (AQZ) for A$610.8 million ($443.14 million) in an all-stock deal to expand its footprint in the charter business.

New Zealand's benchmark S&P/NZX 50 index (nz50) was up 0.5% at 11,729.85.