Here’s what drove the ASX 200 lower today

The market’s rally took a breather today, despite an 8.8% jump in the iron ore price overnight.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.7% to 5,236 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.7% to 5,299 points
  • AUD/USD at US 77.57 cents
  • Iron Ore at US$70.46 a tonne, according to the Metal Bulletin
  • Gold at US$1,246.48 an ounce
  • Brent oil at US$45.11 a barrel

The miners and energy shares have driven the ASX higher over the last few sessions but turned into something of a drag today.

BHP Billiton Limited (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) were two of the most notable fallers. BHP fell 3.3% and Fortescue dropped 7.2%, while South32 Ltd (ASX: S32) also shed 4.6%.

The banks helped to offset some of the damage caused by the resources sector. Commonwealth Bank of Australia (ASX: CBA) was the only bank that ended the day in the red, falling 0.6%, with its three major peers rising between 0.2% and 0.6%.

Medibank Private Ltd (ASX: MPL) reversed some of yesterday’s gains, falling 1.3%, while Telstra Corporation Ltd (ASX: TLS) also lost 0.4%.

Aconex Limited (ASX: ACX), on the other hand, gained an impressive 7%, making it one of the market’s better performing shares.

Here are Friday’s top stories:

  1. Medibank Private Ltd hits new all-time high: Should you buy?
  2. Even the BHP Billiton Limited boss is bearish on iron ore prices
  3. Deutsche Bank thinks Aconex Limited shares could soar higher
  4. Is it time to take a punt on oil producers?
  5. Are your favourite shares being targeted by short sellers?
  6. Homeowners: Banks to raise mortgage rates
  7. If you’re in your 50s, consider buying these shares

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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