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ASX Extends Losses as Iron Ore Tumbles Again

ASX Extends Losses as Iron Ore Tumbles Again
Apr 01, 2015 By Imran Valibhoy

The ASX fell 30.7pts, or .5 per cent, to 5860.8pts on Wednesday. Iron ore prices fell once again, reaching 2008/09 levels. The Metals and Mining Industry index led the fall, dropping 2.27 per cent. The Materials Sector also struggled on Wednesday, falling 1.91 per cent. International markets were mostly down, with the exception of Chinese markets. The Dow Jones fell 1.11 per cent while the S&P500 fell .88 per cent. In Europe, the DAX fell .99 per cent while the FTSE 100 fell 1.72 per cent. Although the Nikkei 225 is down .23 per cent, Chinese markets rallied on positive manufacturing data. The Hang Seng is up .73 per cent while the Shanghai Composite is up 1.29 per cent so far on Wednesday.

Triton Minerals Ltd (ASX:TON) was up 20.5c, or 61.19 per cent, at 54c per share. The aluminium and alumina resources company announced a massive $2bn, 20-year off-take deal with a major Chinese graphite products company.

Vocus Commutation Limited (ASX:VOC) was up 24c, or 4.09 per cent, at $6.11 per share. Recent reports have speculated of a potential acquisition of rival Amcom Telecommunications amid other acquisitions within the industry.

BHP Billiton (ASX:BHP) was down 69c, or 2.22 per cent, at $30.34 per share. Commodity and mining companies are struggling again as iron ore prices have fallen even further.

Fortescue Metals Group (ASX:FMG) was down 6c, or 3.06 per cent, to $1.90 per share. In addition to falling iron ore prices, Fortescue has been plagued by recent controversial comments from its chairman.

Aeeris Ltd (ASX:AER) was down 1c, or 4 per cent, at 24c per share. Aeeris fell during its ASX debut on Wednesday. The former army officer and current owner of the Early Warning Network start-up company hopes to break further into the growing warning systems industry.


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Imran Valibhoy Author: Imran Valibhoy Apr 01, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

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