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ASX Midday Sector Update: Utilities Stocks Gain, Materials Struggle

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Utilities stocks were leading gainers in midday trading Wednesday with a rise of 1.7% after the United Arab Emirates said it would quit the Organization of the Petroleum Exporting Countries, adding to energy supply concerns amid ongoing tensions between the US and Iran.

Shares of Origin Energy (ASX:ORG) ticked nearly 3% higher to recover from losses in the previous trading session.

On the flip side, materials stocks were leading decliners with a fall of 0.8%.

Westgold Resources (ASX:WGX) shed more than 2% after reporting group gold production of 93,145 ounces for the fiscal third quarter. The group's all-in sustaining cost for the quarter was AU$3,338 per ounce, compared with AU$2,829 per ounce a year earlier.

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