Materials stocks advanced almost 1% at midday Wednesday. Iron ore prices rose on expectations of further steel production cuts in China.

The Reserve Bank of Australia cut the official cash rate by 25 basis points.

Peak Rare Earths (ASX:PEK) said that the Tanzanian Mining Commission approved the company's proposed acquisition by Shenghe Resources through a scheme of arrangement.

On the flip side, the utilities sector plunged 3%.

AGL Energy (ASX:AGL), which fell almost 13%, reported Wednesday fiscal year 2025 underlying earnings of AU$0.948 per share, down from AU$1.204 a year earlier. Revenue for the 12 months ended June 30 was AU$14.39 billion, compared with AU$13.58 billion a year earlier.

The company anticipates fiscal 2026 underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) to be between AU$1.92 billion and AU$2.22 billion, with underlying net profit after tax expected to range from AU$500 million to AU$700 million.