ASX utilities shares and ASX mining shares were the only two of the 11 market sectors to close in the green on Thursday.
The S&P/ASX 200 Utilities Index (ASX: XUJ) gained 1.3% and the S&P/ASX 200 Materials Index (XMJ) lifted 0.14%.
The worst performer was the S&P/ASX 200 Information Technology Index (ASX: XIJ), losing 2.56%.
The S&P/ASX 200 Index (ASX: XJO) closed 0.61% lower at 6,812.3 points.
Image source: Getty Images
Why did ASX utilities shares do best?
Here were the big gainers in the utilities space today:
- Mercury NZ Ltd (ASX: MCY) shares, up 3.58%
- Meridian Energy Ltd (ASX: MEZ) shares, up 2.73%
- AGL Energy Limited (ASX: AGL) shares, up 2.38%.
There was no price-sensitive news out of any of the three ASX utilities shares today.
However, Meridian announced that the company and NZ Windfarms had formed a 50-50 joint venture to repower and extend the Te Rere Hau wind farm.
Meridian said:
This will be New Zealand's first wind farm repowering project and has the potential to generate seven times the annual renewable energy production of the existing fleet.
In the mining sector, the Azure Minerals Ltd (ASX: AZS) share price finished 43% higher at $3.49.
Investors bought the ASX lithium share on news it had agreed to a takeover offer from overseas lithium giant Sociedad Quimica y Minr de Chile SA (NYSE: SQM) for $3.52 per share.
What's up with tech shares?
Today's tech share sell-off followed a tough night on Wall Street. The NASDAQ Composite fell 2.43% and entered official correction territory, having fallen more than 10% since its mid-year peaks.
The Megaport Ltd (ASX: MP1) share price went into freefall today after the company released its quarterly update. Megaport shares closed down 16.33% at $9.63.
