The Australian market ended a six day run.
Here’s today’s scoreboard:
- S&P ASX 200: 5,108.00 -34.81 -0.68%
- All Ordinaries: 5,169.50 -35.17 -0.68%
- AUD/USD: 0.7422 -0.0046 -0.62%
The local market was up about 0.8% in early trade before slipping backwards despite a surge in commodity prices and the best ever one day rise in the price of iron ore, up 18.6% to $63.74 a tonne.
The ASX 200 is still ahead 4.6% this month but is down 3.5% since the start of 2016.
Stocks with exposure to iron ore did well today, with Atlas Iron up 40% to $0.031, BC Iron 13% to 40.215 and Arrium 29% to 0.031.
Pure play iron ore miner Fortescue defied the trend, dropping 9% to $2.79 and eating into its 23.7% gains of Monday.
The major banks followed the big miners into the red with the ANZ down 1.96% to $24.98.
BHP lost 1.8% to $18.21 and Rio Tinto 2.6% to $45.26. But South32 added 5% to close at $1.52.
The top stories Tuesday:
2. The Big Fortescue deal. An agreement with Vale to jointly target the Chinese steel market, which could see the Brazilian miner take a stake of between 5% and 15% in the Australian pure play iron ore miner.
3. The cattle station. Agribusiness investment group Australian Rural Capital is working with China’s Shanghai Pengxin Group in a joint bid to buy S. Kidman and Company Limited, the massive cattle company which controls about 2.6% of Australia’s rural land.
4. Preparing for changes to cross media ownership. TV pioneer Bruce Gordon was behind a raid on Nine Entertainment which grabbed 3.4% for about $50 million.
5. Finding out how employees feel at work. Culture Amp, an employee engagement startup based out of Melbourne, just announced it has raised $US10 million in a Series B round.
6. Sooner rather than later. An early budget is looking like a real option for Malcolm Turnbull.
7. Australia is in the middle of a buoyant non-mining recovery. The latest NAB Australian business survey. Also read about more confidence: The ANZ-Roy Morgan consumer confidence index.
8. International Women’s Day. 23 female Australian executives on the insights they’d share with their younger selves.