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AUSTRALIAN STOCKS FALTER: What you need to know

Cameron Spencer/Getty Images

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:

1. Iron ore blues. Here’s what’s going on with iron ore and why the price is expected to crash, eventually. Also read: Fortescue’s share price is all over the place, and it’s the talk of the market.

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.

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