Australian shares advanced 1.1 per cent to 7268.1 on Wednesday, boosted by a strong session for the financial and technology sectors.

Commonwealth Bank jumped 5.6 per cent to $99.56 after delivering a better-than-expected profit result. The other big banks also posted solid gains.

Computershare soared 11.2 per cent to $22.17 following its half-year result announcement on Tuesday. Tyro Payments firmed 5.4 per cent to $2.33 and Appen climbed 5 per cent to $8.66.

Temple & Webster added 9.7 per cent to $8.83 after reporting a strong start to the second half of FY22.

Mineral Resources dived 8.9 per cent to $52.72 after posting its worst six-monthly financial result in three years. Bapcor dropped 7.9 per cent to $6.50, IDP Education fell 3.1 per cent to $30.67 and Megaport jumped 2.7 per cent to $13.61 after reporting their results.

The big miners slid in response to a fall in iron ore prices as China vowed to crack down on iron ore speculation. Fortescue dropped 3.6 per cent to $21.42, BHP fell 1.7 per cent to $48.32 and Rio Tinto edged 0.5 per cent lower to $166.53.