SYDNEY, AAP – Technology shares were bouncing back but the rest of the Australian market was not quite matching the US lead.

Technology shares were up more than two per cent on Wednesday at 1200 AEDT after the US tech giants rebounded on Wall Street.

Afterpay improved by more than four per cent, while financial software vendor Xero gained more than three per cent.

Energy shares were performing well a day after OPEC stuck to an existing pact for a gradual increase in oil output.

Merger partners Oil Search and Santos each gained more than two per cent.

The benchmark S&P/ASX200 index was higher by 12.2 points, or 0.16 per cent, to 7260.6.

The All Ordinaries was up 19.5 points, or 0.25 per cent, to 7556.

Wall Street ended sharply higher after investors bought the tech giants, a day after widely selling them.

US Treasury yields have ticked higher amid concerns about a potential US government debt default.

The Senate will soon vote on a measure to suspend the US debt ceiling.

The partisan debate risks an economically crippling federal credit default.

In ASX company news, A2 Milk shareholders started a class action against the company alleging misleading conduct led to heavy losses.

A lawyer for the shareholders said A2’s full-year earnings forecast for the 2021 fiscal year did not warn of factors that led to four downgrades.

The company had to review its China business and set aside more than $92.9 million for old stock.

Shares were lower by almost four per cent to $6.26.

Aussie Broadband has raised $20 million through a share sale.

The company in September raised $114 million from a share sale to professional investors.

The NBN plans provider will use the funds to develop new technologies and for mergers.

Shares were up 1.42 per cent to $4.98.

The heavyweight banks were all lower. The Commonwealth Bank fared worst and fell 2.3 per cent to $103.07. Its big four peers each lost less than half a per cent.

Miners were mostly higher. BlueScope Steel rose by almost three per cent to $20.31. BHP and Fortescue gained less than one per cent each. Rio Tinto slipped 0.39 per cent to $96.75.

The chief executive of New Zealand energy provider Meridian said he was still considering the sale of the Australian business.

Neal Barclay told an annual general meeting government intervention in Australia’s energy market caused uncertainty for business.

Shares were up 1.06 per cent to $4.73.

The Australian dollar was buying 72.84 US cents at 1200 AEDT, higher from 72.65 US cents at Tuesday’s close.