Jan 18 (Reuters) - Australian shares rose slightly on Wednesday, helped by gains in energy stocks on strong oil prices, while miners fell after top steel producer China reported weak economic growth.
The S&P/ASX 200 index was up 0.08% at 7,391.9, as of 2333 GMT, after closing slightly lower on Tuesday.
Energy stocks were the top gainers with a rise of 0.86% after oil prices advanced overnight on bets that a recent shift in China's COVID-19 policy would boost fuel demand.
Sector majors Woodside Energy and Santos gained 0.8% and 1.2%, respectively.
Fuel retailer Ampol advanced 3.5% and was the top gainer on the sub-index, as refining margin at its Lytton refinery in Queensland rose 4.5% in the fourth quarter.
China's economic growth in 2022 tumbled to one of its worst in nearly half a century as the country grappled with strict COVID curbs, fuelling fears of more inflationary headaches worldwide.
In Australia, miners declined 0.5%, with BHP falling 0.6%, while Rio Tinto gained 0.7%.
Lithium miner Allkem fell 2.4% after posting an 11.1% sequential drop in second-quarter revenue due to lower output from its Mt Cattlin operations.
Financials edged 0.02% lower, with the big four banks down between 0.4% and 0.5%.
Gold stocks dropped 1.1% on weak bullion prices. Newcrest Mining, the country's largest gold miner, declined 1.5%.
Tech stocks jumped 1.2%, with ASX-listed shares of Block Inc rising 4.5%.
Among individual stocks, cancer drugmaker Telix Pharmaceuticals climbed 8.5% and was the top gainer on ASX on strong quarterly revenue.
In corporate news, Nickel Industries said it would raise $471 million in capital to help fund the acquisition of several nickel projects. It shares were on a trading halt.
New Zealand's benchmark S&P/NZX 50 index rose 0.2% to 11,902.35. (Reporting by Navya Mittal in Bengaluru; Editing by Subhranshu Sahu)
