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ASX up 0.94% at noon amidst easing tensions between Israel and Iran

The ASX is trading higher on Monday amidst easing tensions between Israel and Iran, with the S&P/ASX 200 rising by 1.4% to 7671 points at the open, partly recovering from last week’s 2.8% loss. 

In addition, China has maintained its one- and five-year loan rates unchanged for the second consecutive meeting amid its post-pandemic recovery. The decision, influenced by robust first-quarter economic indicators and a focus on currency stability, reflects the People’s Bank of China’s cautious approach to monetary policy adjustments.

At noon, the S&P/ASX 200 is 0.94 per cent higher at 7,638.90.

The SPI futures are pointing to a rise of 68 points.

Best and worst performers

The best-performing sector is Materials, up 1.42 per cent. The worst-performing sector is Energy, down 0.96 per cent.

The best-performing large cap is South32 (ASX:S32), trading 5.96 per cent higher at $3.38. It is followed by shares in IGO (ASX:IGO) and ALS (ASX:ALQ).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 5.62 per cent lower at $5.88. It is followed by shares in Meridian Energy (ASX:MEZ) and GQG Partners (ASX:GQG).

Commodities and the dollar

Gold is trading at US$1782.70 an ounce.

One Australian dollar is buying 64.51 US cents.