The materials sector was one of the only two trading in the green, up over 1% at midday Wednesday, as investors await the US interest rate decision. The Reserve Bank of Australia held the cash rate at 3.60%.

Pacific Lime and Cement (ASX:PLA) said the project development agreement for its Central lime and cement project was formally initialed by the state negotiating team, representing the Papua New Guinea government, on Tuesday and publicly declared by its minister for international trade and investment, Richard Maru.

On the flip side, the information technology sector fell past 1%. Nasdaq futures declined by 0.2%.

4DS Memory (ASX:4DS), whose shares fell over 1%, said its strategic review remains active and that its board is evaluating several options that could enhance its technology position and commercial pathway.