At closing bell, the benchmark S&P/ASX200 rose 17.34 points, or 0.26%, to 6,807.27. The broader All Ordinaries index added 18.84 points, or 0.27%, to 7,025.20.
The best performers of the session on the S&P/ASX 200 were Zip Co, which rose 19.9%. Meanwhile, Nanosonics added 6.6% and Whitehaven Coal was up 6.4%. The worst performers of the session were Iress, which fell 6.6% at the close. Flight Centre declined 5.6% and Resolute Mining was down 5.5%.
Shares of materials and resources gained as strong commodity prices, with BHP Group and Rio Tinto advancing 2.5% and 1.9%, respectively. Iron ore prices rose on Monday as hopes grew of a third-quarter economic rebound in top steel producer China.
Energy stocks were up, on the back of surge in crude oil prices. Crude prices rose for a second day amid increasing concerns over tightening European supply after Russia cut gas supply through a major pipeline. Woodside Energy Group rose 2.8% and Whitehaven Coal firmed 6.4%.
Technology stocks dropped on tracking losses in their Wall Street peers as investors fretted that aggressive rate hikes could tip the US economy into recession. Block Inc slipped 3.1%, while software company Iress skidded 6.4%.
CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 106.483, off from this month's highs. The Australian dollar was at $0.6965.
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