News: XIJ Australian shares end at 2-month high on tech, banking boost

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Australian shares closed at their highest in more than two months on Wednesday, helped by technology and banking sectors, as markets tracked a rally in global equities after investors looked past worries of inflation's hit on the economic recovery.

The S&P/ASX 200 index (xjo) ended 0.5% higher at 7,377.9 points, its highest since Jan. 18. The index also closed up for a second straight session.

The market "was seen to be replicating the trend seen on Wall Street last night... investors shrugged off concerns that intensifying price pressures would derail the economic recovery from the pandemic," said Kunal Sawhney, CEO of Kalkine Group.

"It (also) seems investors are relieved after receiving some clarity related to the Fed's next steps forward on monetary policy tightening."

Technology stocks .AXIJ rose more than 3% to their highest since Jan. 21, in line with a rise in their U.S. peers overnight.

"Bargain hunters are seeing an opportunity in high-quality tech stocks trading at undervalued prices," Sawhney said.

ASX-listed shares of Block Inc (SQ2) and Computershare (CPU) rose 7.5% and 1.6%, respectively.

Financials .AXFJ gained nearly 1%, their highest since mid-November. The so-called "Big Four" banks jumped.

Miners .AXMM , however, shed 0.3% on weaker iron ore prices, while gold stocks .AXGD fell 1.4% after bullion prices slipped.

Heavyweights Rio Tinto (RIO) , BHP (BHP) and Fortescue Metals (FMG) fell between 0.04% and 0.8%.

New Zealand's benchmark S&P/NZX 50 index (nz50) ended 1.2% lower at 12,061 points.

Fisher & Paykel Healthcare (FPH) dropped as much as 7.9% after the medical devices maker forecast a 14% slump in its annual revenue.