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ASX Midday Sector Update: Information Technology Stocks Advance, Energy Sector Struggles

-- Information technology stocks advanced 2% at midday Wednesday.

Shares of WiseTech Global (ASX:WTC) and Xero (ASX:XRO) rose 2% in recent trade.

Meanwhile, the energy sector struggled, shedding 2%, as global oil demand is expected to plunge due to disruptions stemming from the ongoing Middle East conflict.

Shares of Woodside Energy Group (ASX:WDS) fell nearly 3% in recent trade, while those of Santos (ASX:STO) were down over 2%.

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Abundate (SGX:570) booked a loss of SG$320,000 in the fiscal second half ended Feb. 28, from a profit of SG$134,000 a year earlier, according to a Wednesday filing with the Singapore Exchange.Loss per share stood at SG$0.0031 compared with earnings per share of SG$0.0013 in the year-ago period.Revenue rose 6% year over year to SG$4.1 million from SG$3.9 million, backed by strong demand for local construction activities.

$SGX:570