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ASX down 0.04%: Iron ore prices fall

Australian stocks declined as mining and energy sectors retreated, prompted by a significant overnight decline in iron ore prices and BHP reporting its weakest half-year profit in eight years.

At 11:30am, the S&P/ASX 200 is 0.04 per cent lower at 7,662.40.

Best and worst performers

The best-performing sector is Communication Services, up 0.95 per cent. The worst-performing sector is Energy, down 1.42 per cent.

The best-performing large cap is Suncorp Group (ASX:SUN), trading 6.44 per cent higher at $15.36. It is followed by shares in Mercury NZ (ASX:MCY) and Bendigo and Adelaide Bank (ASX:BEN).

The worst-performing large cap is Sonic Healthcare (ASX:SHL), trading 7.57 per cent lower at $29.31. It is followed by shares in South32 (ASX:S32) and Lynas Rare Earths (ASX:LYC).

Commodities and the dollar

Gold is trading at US$2026.80 an ounce.

Iron ore is 0.9 per cent lower at US$128.80 a tonne.

Iron ore futures are pointing to a 2.1 per cent fall.

One Australian dollar is buying 65.39 US cents.