Afternoon update: ASX up 0.14% as James Hardie records all-time high profit margins

The S&P/ASX 200 index is trading 0.14 per cent higher at 7,319.60.

Moving on to futures, the SPI futures are up 14 points, indicating a promising session ahead.

Let's take a look at the best and worst performers today.

Health Care is leading the way, up 0.51 per cent, while Consumer Staples is struggling, down 0.22 per cent.

Among the large caps, James Hardie Industries (ASX:JHX) is standing out, surging 14.06 per cent to $46.51 after positive results. Right behind them is Reece (ASX:REH) and REA Group (ASX:REA).

On the flip side, IGO (ASX:IGO) is the worst-performing large cap, down 2.83 per cent at $13.37. Following closely behind are Northern Star Resources (ASX:NST) and ResMed (ASX:RMD).

Taking a quick look at Asian markets, Japan's Nikkei is up 0.37 per cent, while Hong Kong's Hang Seng has lost 1.37 per cent. Meanwhile, China's Shanghai Composite is showing strength, gaining 0.61 per cent.

Shifting our focus to commodities and the dollar, Gold is currently trading at US$1,969.10 an ounce.

Light crude oil is on the rise, trading $0.08 higher at US$82.02 a barrel.

Goldman Sachs predicts a continued decline in iron ore prices this year, with prices already falling 11.6% from the recent high, and they forecast a further 12% drop to an average of $US90 a tonne in the second half of the year, meeting the technical definition of a bear market, due to an imminent surplus in the physical market and concerns over China's steel output cuts.

Lastly, the Australian dollar is steady, buying 65.50 US cents.
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Source: Finance News Network