Market Updates
Australian Markets Ease; Fortescue Awards $1.5 B Contract to Leighton
Marcus Jacob
25 Sep, 2012
New York City
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Australian markets traded lower after commodities and iron ore prices declined. Fortescue Metals awarded $1.5 billion mine management contract to Leighton Holdings.
[R]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.[/R]
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.
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