ASX down 0.36% near noon: Iron ore prices fall

Market Reports

by Peter Milios

At 11:35am, the S&P/ASX 200 is 0.36 per cent lower at 7,794.30, driven by a decline in iron ore prices. This drop was influenced by a 3 per cent fall in iron ore futures to $US110.25 a tonne amid concerns about Chinese demand and oversupply. Despite a strong performance on Wall Street, where the Nasdaq and S&P 500 hit record highs, Australian stocks were weighed down by the mining sector.

The SPI futures are pointing to a fall of 32 points.

Best and worst performers

The best-performing sector is Information Technology, up 0.47 per cent. The worst-performing sector is Energy, down 1.2 per cent.

The best-performing large cap is Evolution Mining (ASX:EVN), trading 2.34 per cent higher at $3.725. It is followed by shares in Pro Medicus (ASX:PME) and Newmont Corporation (ASX:NEM).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 3.06 per cent lower at $6.01. It is followed by shares in BlueScope Steel (ASX:BSL) and Fortescue (ASX:FMG).

Commodities and the dollar

Gold is trading at US$2396.30 an ounce.

Iron ore is 3.1 per cent lower at US$110.50 a tonne.

Iron ore futures are pointing to a 0.8 per cent fall.

One Australian dollar is buying 67.48 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?