ASX Midday Sector Update: Materials Stocks Advance, Utilities Struggle

Materials stocks advanced 2.3% to lead gainers in midday trading on Friday, as prices for precious metals, including gold and copper, pushed higher. BHP Group (ASX:BHP) gained over 1% after striking a definitive deal to sell its San Manuel property in Arizona, US, to Faraday Copper in return for a 30% stake in Faraday. Meanwhile, utilities stocks led decliners with a fall of nearly 0.8%. Origin Energy (ASX:ORG) and Meridian Energy (ASX:MEZ) both shed more than 1%.