News: XIJ Australian shares rise on energy, tech boost amid rate-hike fears

Feb 24 (Reuters) - Australian shares inched higher on Friday as gains in energy and technology stocks slightly outweighed weakness in mining and gold companies, with resilient U.S. data bracing investors for more rate hikes by the Federal Reserve in its future meetings.

The S&P/ASX 200 index (xjo) rose 0.1% to 7,295.0 points by 2350 GMT, but was on track to post a third straight weekly loss.

U.S. data showed new claims for unemployment benefits fell last week, while Fed's preferred inflation measure — personal consumption expenditures — were revised upward to 3.7% for the fourth-quarter, indicating a resilient labour market and a stronger inflation.

While the Fed is expected to deliver two additional rate hikes of 25 basis points in March and May, financial markets are betting on another increase in June.

Domestic technology stocks .AXIJ shot up over 1.5%, mirroring trends in their overseas peers. Sector majors ASX-listed shares of Block Inc (SQ2) and Computershare Ltd (CPU) added 6.1% and 1.2%, respectively.

Financials .AXFJ climbed 0.4%, with all "Big Four" banks posting gains.

Energy stocks .AXEJ rose 0.6% after oil prices settled higher overnight on expectations of steep cuts to Russian production next month.

Woodside Energy Group (WDS) and Santos Ltd (STO) climbed 0.2% and 0.4%, respectfully.

Capping gains on the benchmark index, mining stocks .AXMM dropped 1.1% after iron ore prices on the Chinese futures exchange slid marginally.

Sector giants BHP Group (BHP) and Rio Tinto (RIO) fell 1.1% and 2.4%, respectively.

Gold stocks .AXGD declined 1.1% after bullion prices slipped to their lowest in about two months overnight.

Lithium miner Allkem Ltd (AKE) rose up to 1.2% as its first-half profit jumped nearly eleven-fold, boosted by sky-rocketing prices for the battery metal.

New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.1% to 11,875.08 points.