The Australian sharemarket is trading in the red for third consecutive day with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.3% following the Reserve Bank's unexpected decision to leave the cash rate unchanged on Tuesday.
Meanwhile, a weak performance from international equity markets overnight is also weighing on the bourse. The Dow Jones Industrial Average dropped 0.6%, while the NASDAQ and S&P 500 indices fell 0.3% and 0.4% respectively.
Here are four top blue-chip stocks doing the damage today.
Medibank Private Ltd (ASX: MPL) has seen its share price slide 2.4% and is now trading at $2.45, down from $2.56 earlier in the week. While the company hasn't released any news that would specifically explain the fall, it's possible that some investors are simply taking profits off the table. After all, retail investors who bought into the $5.7 billion float are already sitting on a paper profit of 22.5% (after just four months) and its recent interim report wasn't anything spectacular.
Rio Tinto Limited (ASX:RIO) has retreated 1.8% today after the iron ore price fell further overnight. According to the Metal Bulletin, the commodity is now fetching just US$61.94 a tonne as global supply growth continues to heavily outweigh demand. The commodity is now trading just 1.4% above its lowest price since May 2009 (US$61.10).
BHP Billiton Limited (ASX: BHP) has also fallen 1.5% today. While the falling iron ore price is impacting its performance, BHP Billiton is also being weighed down by the fall in oil prices overnight. Iron ore and oil are BHP Billiton's two most important commodities and have both crashed in price over the last year, putting an enormous level of pressure on the miner's earnings.
Commonwealth Bank of Australia (ASX: CBA) has extended its slide today, trading 0.4% lower at $90.79. The stock has been on the back-foot since Tuesday after interest rates were left on hold with investors having sold the stock down nearly 3% in that time. However, expectations of a rate cut in the near future should support the price in the near-term.
