The materials sector advanced 1.4% at midday Wednesday. Iron ore futures in Singapore for an active contract rose 2.2% to $105.65 per tonne.
Iluka Resources (ASX:ILU) reported second-quarter production of zircon, rutile, and synthetic rutile of 149.7 metric tons, as compared with 142.1 metric tons a year earlier. The company attained full-year production guidance for zircon in concentrate by June 30, leading to a favorable impact on unit cash costs of production in the first half of the year.
On the flip side, the consumer staples stocks fell 0.3%.
Australian Agricultural (ASX:AAC) chairman Donald McGauchie said that the firm's review of the Livingstone facility is ongoing, but it anticipates it reaching the final stages in the near future.
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