Afternoon update: ASX up 0.06% as Information Technology shines

The S&P/ASX 200 is currently trading 0.06 per cent higher at 7,119.60.

The SPI futures have risen by 4 points.

Among the sectors, the Information Technology sector is the best performer, experiencing a 5.48 per cent increase. On the other hand, the Consumer Staples sector is the worst performer, showing a decrease of 2.36 per cent.

Among the larger companies, Xero (ASX:XRO) is the top-performing stock, trading 3.79 per cent higher at $119.33. It is followed by Telstra Group (ASX:TLS) and NEXTDC (ASX:NXT).

Conversely, Coles Group (ASX:COL) is the worst-performing large-cap stock, despite its earnings report stating that net profit has risen by 4.8 per cent in a year. However, the figures released show a slowdown following the robust first-half earnings results. The stock is trading 5.83 per cent lower at $16.225. This is followed by Woolworths Group (ASX:WOW) and Ampol (ASX:ALD).

Turning to Asian markets, Japan's Nikkei has gained 0.77 per cent, Hong Kong's Hang Seng has gained 0.16 per cent, and China's Shanghai Composite has gained 1.56 per cent.

In the commodities and currency space, gold is being traded at US$1,924.70 per ounce, while light crude has risen by $0.01 to reach US$80.73 per barrel. One Australian dollar is currently equivalent to 64.19 US cents.
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Source: Finance News Network