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• WTI Crude Eased as Hurricane Isaac Downgraded, European Confidence Damped
• Australian Stock Market Report – Afternoon 8/30/2012
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• RIO 100% Rate It

MARKET CLOSE
(4.30pm AEST)

The Australian sharemarket had its worst day in a month, with the All Ordinaries Index (XAO) losing 0.9 pct or 41.3 pts to 4340.2. The defensive healthcare and telco sectors recorded some modest improvements; however all other industries ended in the red. Disappointing economic news added to the weakness earlier in the session.

Commodity prices slumped overnight, with the price of iron ore falling 5 pct. The recent slide in iron ore has been partly due to shrinking demand from Chinese steel mills and significant stockpiles in China. Iron ore focused miners such as Rio Tinto ( RIO ) and Fortescue Metals (FMG) have been struggling this month. RIO fell by 3.78 pct or $1.91 to $48.63 today, taking the losses for August to 8.6 pct. FMG lost 1.64 pct or 6 cents to $3.59 today and has fallen by 12 pct this month. Iron ore accounted for 92 pct of RIO's total profit last year and the commodity makes up around 20 pct of Australia's total exports.

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