Materials stocks were advancing nearly 5% around midday Wednesday, leading broader gains across most sectors in Australian trading.

Perenti (ASX:PRN) appointed Vanessa Torres as chief executive, succeeding Mark Norwell, effective June 1. The company's shares were up more than 3% recently.

On the other side of the spectrum, utilities stocks were down almost 2%.

APA Group (ASX:APA) was shedding more than 2% in afternoon trade.