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ASX Midday Sector Update: Information Technology Stocks Gain, Energy Declines

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Information technology stocks were advancing over 4% to lead gainers in midday trading Tuesday, as markets remained hopeful for an eventual peace agreement between the US and Iran even as a naval blockade of the Strait of Hormuz took effect.

WiseTech Global (ASX:WTC) and Xero (ASX:XRO), the two biggest stocks in the sector based on market capitalization, rose past 6% and over 5%, respectively.

On the flip side, energy stocks were declining less than 1% as oil prices again tracked below $100 per barrel.

Elixir Energy (ASX:EXR) bucked the trend and was advancing more than 16% after Euroz Hartleys said in a Monday note that the company is a key pick to tap the potential of the Taroom Trough, an emerging onshore oil and gas basin in Queensland that is gaining mainstream attention.

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