Afternoon update: ASX trading 0.33% higher as iron ore prices liftCraig Foley
The S&P/ASX 200 is trading 0.33 per cent higher at 7,082.
The SPI futures are up 26 points.
Best and worst performers
The best-performing sector is Materials, up 1.58 per cent. The gains are largely due to the iron ore futures on the Singapore exchange increasing by 2 per cent to US$133.75 a tonne on the December contract. The market's attention was directed towards the possibility of further relaxation of policies and increased stimulus measures in China, which are expected to enhance construction activity.
As a result, mining giants BHP Group, Rio Tinto, and Fortescue Metals have seen strong gains.
The worst-performing sector is Utilities, down 1.7 per cent.
The best-performing large cap is Pilbara Minerals (ASX:PLS), trading 4.07 per cent higher at $3.71. It is followed by shares in Allkem (ASX:AKE) and Northern Star Resources (ASX:NST).
The worst-performing large cap is Technology One (ASX:TNE), trading 2.32 per cent lower at $16.03. It is followed by shares in Incitec Pivot (ASX:IPL) and Origin Energy (ASX:ORG).
Japan's Nikkei has lost 0.15 per cent.
Hong Kong's Hang Seng has gained 0.86 per cent.
China's Shanghai Composite has gained 1.13 per cent.
Commodities and the dollar
Gold is trading at US$1,992.90 an ounce.
Light crude is trading $0.10 lower at US$77.50 a barrel.
One Australian dollar is buying 65.80 US cents.
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Source: Finance News Network