Energy stocks advanced almost 1.4% at midday Thursday, leading a rally on the Australian bourse.
All of the big four Australian banks are now forecasting a rate cut by the Reserve Bank of Australia after inflation eased in December.
Karoon Energy (ASX:KAR) said that its fourth-quarter production on a net revenue interest basis was flat at 2.6 million barrels of oil equivalent compared with a year earlier. The company's shares rose nearly 7% in recent trade.
On the other hand, the communication services sector was the only one trading in the red, down 0.13%.
TPG Telecom (ASX:TPG) said its regional network sharing arrangement with Optus is now in effect, more than doubling its mobile coverage in the country and increasing its coverage to over 98% of the Australian population.
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