Local investors were flung into a soaring oil market this morning, after the US formally banned Russian oil imports. Energy and gold stocks provided stablisation again, while tech's four-day losing streak finally came to an end, with Block closing up 6%, and the tech sector leading the market higher. Materials underperformed, but only after a stellar run. The top of the S&P/ASX200 ladder was Mesoblast, followed by uranium darling Paladin, both closing double-digits higher. At the bottom of the ladder was Nickel Mines, losing nearly one-quarter of its value ahead of a trading halt. After the company soothed the market, it only closed down 6%. All in all, the 1% rally on the S&P/ASX200 was a mix of nervous positioning and hints of optimism.

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