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Market Update

Iron Ore Extends 3-Year Decline

Author: Marcus Jacob
Last Update: 12:32 PM ET March 18 2015

5:30 PM Sydney Australian market indexes traded volatile and Aussie dollar lacked direction ahead of U.S. Fed statement. Iron ore prices extended three-year losses as four largest iron ore miners in the world continue to ramp up capacity.

Australian market indexes edged up as iron ore price continued to decline for delivery to China. Traders are looking for prices to test $50 a ton level as early as summer as three largest iron ore miners in Australia and in Brazil continue to ramp up production.

Australian dollar closed at 76.18 U.S. cents and in stock trading turnover climbed to 928 million shares worth $5.7 billion.

ASX 200 Index edged up 0.20 to 5,842.30 and broader All Ordinaries Index fell 3 to 5,808.

In commodities trading, gold dropped US$5 to US$1,150 an ounce and light crude oil slumped 94 cents to US$45.19 a barrel.

Brent crude declined US$1.23 to close at US$53.44 a barrel.

Australian Stock Movers

Boral Limited gained 1.7% to $6.12 after the building products maker launched a buyback program for up to 5% or for as much as $236 million of its stock in the next twelve months.

Fortescue Metals Group Limited declined 5.3% to $1.87 after the iron ore producer abandoned its planned US$2.5 billion secured bond paying rate of 8%, citing unfavorable debt markets.

Kingsgate Consolidated Limited dropped 2.2% to 65.5 cents after gold price declined to a four-month low.

Ten Network Holdings Limited plunged 6.3% to 22 cents on a speculation that the board is looking for an alternative offer from pay-TV operator Foxtel, Discovery Communications and Bruce Gordon, a major shareholder in the company.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc