ASX Midday Sector Update: Utilities Stocks Rise, Technology Struggle

MT Newswires Live12-03 10:34

Utilities stocks advanced nearly 1% at midday Wednesday.

Australia's GDP grew 0.4% in the September quarter on a seasonally adjusted, chain volume basis, after a 0.7% growth in the June quarter. The GDP rose 2.1% year-over-year. ANZ Research had forecast 0.6% quarter-over-quarter growth, while BofA Securities had expected the third quarter GDP to rise by 0.7% sequentially.

APA Group (ASX:APA) had said on Monday that it agreed with CS Energy to develop and own the proposed Brigalow Peaking power plant in Queensland, set to be operational in 2028. If the development of the project proceeds, the company will acquire an 80% stake, while CS Energy will operate and maintain the plant with a 20% stake.

On the flip side, the information technology sector shed 0.7%.

Infomedia (ASX:IFM) said the acquisition of all its shares via a scheme of arrangement by McQueen BidCo was implemented on Wednesday. McQueen BidCo is an entity owned by an investment holding entity in Singapore, managed or advised by TPG Capital (S) or its related entities. Infomedia plans to apply for its removal from the official list of the ASX with effect from the close of trading on Wednesday.

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