7:30 PM Sydney – Australian markets traded lower after commodities and iron ore prices declined. Fortescue Metals awarded $1.5 billion mine management contract to Leighton Holdings.

Australian indexes closed down and traded lower right from the opening after commodities prices weakened and iron ore prices fell again.

The ASX 200 index slipped 12.60 or 0.3% to 4,372.90 and the broader All Ordinaries decreased 13.7 to 4,395.51.

Australian dollar inched up a fraction to close at $1.042 against the U.S. dollar.

Stock Movers

Resource sector stocks were in focus after energy and metals prices were on the decline for the second day in a row.

BHP Billiton Limited fell 16 cents to $33.25 and, Rio Tinto Limited declined $1 to $53.97.

Fortescue Metals fell 8 cents to $3.52 and awarded a $1.5 billion contract to Leighton Holdings to oversee mining at its Firetail iron ore deposit in the Pilbara region.

Newcrest Mining declined 36 cents to $27.77 and the gold miner said it arranged a group of investors and reduce its debt $1 billion debt.

Suncorp Group declined 5 cents to $9.24 after the company said it plans to raise $350 million through the sale of preferred shares.