News: RIO Australian shares rise on commodity boost after China eases COVID curbs

Dec 28 (Reuters) - Australian shares rose on Wednesday, lifted by commodity-related stocks, as underlying commodity prices rallied after China decided to relax its COVID-19 restrictions.

The S&P/ASX 200 index (xjo) rose 0.1% to 7,114.10 points by 2314 GMT, after shedding 0.6% on Friday. The market was closed for public holidays on Dec. 26 and Dec. 27.

The benchmark index received a boost from China's move to stop requiring inbound travellers to go into quarantine starting Jan. 8, a major step towards easing its COVID-19 containment policy that has curbed industrial activity and domestic demand, and ignited public unrest last month.

Domestic gold stocks .AXGD added about 1.7% after gold prices jumped to their highest level in six months.

Sector heavyweights Newcrest Mining (NCM) and Northern Star Resources (NST) gained 2% and 1.7%, respectively.

Miners .AXMM advanced about 0.7% after iron ore prices rose, with sector majors Rio Tinto (RIO) , BHP Group (BHP) , and Fortescue (FMG) gaining between 0.9% and 1.5%.

Energy stocks .AXEJ jumped about 1.1% after oil prices hit a three-week high in early trade due to hopes of demand recovery.

Tech stocks .AXIJ fell 0.3%, chasing the drag on Wall Street as rising Treasury yields dampened sentiment. ASX-listed shares of Block Inc (SQ2) gave up 1.1% and Megaport (MP1) fell 0.6% .

Financials .AXFJ fell about 0.1%, with the "Big Four" banks losing 0.1%-0.5%.

Meanwhile, renewable energy firm Genex Power (GNX) was eyeing its worst day in over three years after a consortium led by Atlassian TEAM.O co-founder Scott Farquhar withdrew its buyout bid for the company.

In New Zealand, the benchmark S&P/NZX 50 index (nz50) rose 1% to 11,510.58 points.