Afternoon update: ASX 0.12% higher, Lake Resources to give update on Kachi

The S&P/ASX 200 is trading 0.12 per cent higher at 7,346.70. The SPI futures have risen by 11 points.

The Energy sector stands as the best performer, up by 2.37 per cent, after the overnight news of European gas surging by 40 per cent amid the possibility that Chevron and Woodside workers will strike, highlighting market jitters over potential supply disruptions. Information Technology sector is the worst performer, down by 2.16 per cent.

Among the large caps, Whitehaven Coal (ASX: WHC) leads with a 6.3 per cent increase at $7.59. Following closely are shares in Yancoal Australia (ASX:YAL) and Santos (ASX:STO). On the downside, Xero (ASX:XRO) is the weakest among large caps, trading 4.14 per cent lower at $116.99. It's trailed by shares in AGL Energy (ASX:AGL) and IDP Education (ASX:IEL).

In further company news, Lake Resources (ASX:LKE) is currently trading 24 per cent higher after announcing that the company executives will present at The XII International Seminar on Lithium in the South American Region. The company will give an update on the Kachi Project.

Looking at Asian markets, Japan's Nikkei has gained 0.46 per cent, whereas Hong Kong's Hang Seng has lost 1.03 per cent, and China's Shanghai Composite has decreased by 1.17 per cent.

In the commodities and currency markets, gold is being traded at US$1,951.00 (one thousand nine hundred 51 dollars) an ounce. Light crude oil has fallen by $0.12 to reach US$84.28 per barrel.

One Australian dollar is buying 65.43 US cents.
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Source: Finance News Network