ASX Midday Sector Update: Information Technology Sector Rises, Materials Stocks Plunge

MT Newswires Live

01/23

Information technology stocks rose 0.3% at midday Thursday after the technology sector gained on Wall Street as US President Donald Trump announced a $500 billion private-sector artificial intelligence infrastructure investment plan.

The materials sector stocks fell 1.5%, dragged down by weaker commodity prices. All but two sectors of the Australian bourse were trading in the red.

Fortescue (ASX:FMG) reported that its total ore mined for the second quarter of fiscal 2025 came in at 61.9 million tonnes, up 12% from 55 million tonnes a year earlier. The company's shares were down 2%.

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