At noon AEST on Wednesday, the benchmark S&P/ASX200 index was up 23 points, or 0.29 per cent, to 7,874.7, while the broader All Ordinaries had gained 25.9 points, or 0.32 per cent, to 8,147.4.
Seven of the ASX's 11 sectors were higher at midday and four were lower.
Telecommunications was the biggest mover, dropping 2.7 per cent as Telstra fell 4.2 per cent to a nearly three-year low of $3.42 following the company's announcement of 2800 layoffs on Tuesday.
Eagers Automotive was the biggest loser in the ASX200, sinking 13.8 per cent to a nearly two-year low of $10.51 after the auto dealer said it expects to earn just 85 per cent of the first-half profit it did in 2023.
The market in New Zealand is down 10.4 per cent year-to-date, and there's been softness in the Sydney and Newcastle markets, chief executive Keith Thornton told APE's annual general meeting.
On the flip side, Webjet had soared 7.9 per cent to a four-year high of $9.11 after the travel company said it was considering a separating its business-to-business WebBeds division from its business-to-consumer travel agency.
Any demerger would be completed during 2024/25 and both companies would be listed on the ASX, Webjet said.
Technology One had climbed another 8.2 per cent, adding to Tuesday's gains following the Brisbane software-as-a-service's earnings report.
The Big Four banks were mixed, with ANZ up 1.1 per cent and Westpac rising 0.2 per cent, while NAB and CBA were both down 0.3 per cent.
In the heavyweight materials sector, Fortescue had grown 1.9 per cent, Rio Tinto was up 1.7 per cent and BHP was 0.5 per cent higher.
The Australian dollar was buying 66.73 US cents, from 66.56 cents at Tuesday's ASX close.
15°C