The ASX 200 broke a three day losing streak with tech and telco stocks taking the lead, while surging commodity prices continued to support pockets of our resource-heavy market.

As the US and UK government’s announced sanctions on Russian oil, Australia’s listed energy sector continued to rise, up 25 per cent so far this year, helping the ASX to repeatedly defy weak leads and outperform global markets.

The benchmark S&P/ASX 200 gained 1 per cent on Wednesday, up 72.7 points to 7053. The S&P/ASX 200 was down 5.3 per cent so far this year, but outperforming a 12.5 per cent decline in the S&P500 and 13.4 per cent decline on the MSCI Global Index.

Head of equities at the RBC Capital Markets institutional trading desk Karen Jorristma, said Wednesday was a bit of a recovery bounce back after Tuesday’s 0.8 per cent decline, but warned the higher commodity prices supporting the ASX would not last.

“I still think this is all very short term,” she said.

“It is all very day to day at this point - I think the overriding theme of inflation and oil over $US200 per barrel is a bigger concern.“

She noted the US and UK government boycotts of Russian energy sources implied the conflict in Ukraine was not short-term.

Ten companies go ex-dividend this week, including Rio Tinto on Thursday, which was paying $6.63 per share. It dropped 0.5 per cent to $119.88 on Wednesday.

Petrol retailers Ampol and Viva energy improved, as did Woodside and Paladin Energy, but Santos, Whitehaven, and Beach Energy all declined. Sims Metal closed at an 11-year high of $19.67 after an analyst upgrade and rising pig iron prices.

The mining sector was overshadowed by a 23 per cent drop in Nickel Mines, before it recovered to close 4.8 per cent lower at $1.40 after reassuring the market its partner - global steel giant Tsingshan - would not be selling down.

The technology sector out-performed the rest of the market with Novonix up 8.3 per cent and WiseTech Global up 6.4 per cent before going ex-dividend this week.

The big banks all improved and Telstra gained 3.2 per cent to $3.92. Aristocrat Leisure gained 4 per cent after confirming it was suspending operations in Ukraine and Russia and re-locating 1000 staff.

A small gain in CSL and 2.6 per cent gain in Sonic Healthcare off-set a 2.3 per cent fall in ResMed and 0.5 per cent decline in Ramsay Health Care.

Biggest gains:

• Mesoblast 17%
• Paladin Energy 10%
• Novonix 8.3%
• Gold Road Resources 7.7%
• Life360 7.5%

Biggest losses:

• Nickel Mines -4.7%
• Boral -3.2%
• Altium -3%
• Resmed -2.3%
• Brambles -2.2%