Information technology stocks advanced more than 6% in midday trading on Wednesday, with most other sectors also in the green as markets reacted positively to a two-week ceasefire agreement between the US and Iran.

Life360 (ASX:360) shares gained 12% following a disclosure that shareholder BlackRock holds 8.9 million shares of the company's common stock, representing an 11% stake.

On the flip side, energy stocks retreated almost 8% after the ceasefire deal created expectations for the passage of more oil ships through the Strait of Hormuz and triggered a sharp decline in oil prices.

Shares of Santos (ASX:STO) were down 5% after environmental group Market Forces alleged that the company is generating cost-of-living pressure in Australia and contributing to a surge in gas prices on the country's East Coast by prioritizing overseas sales of fossil fuels.