Aust stocks fall at noon

Local market falls further as drop in the iron ore price weighs on miners.

The Australian sharemarket has fallen further at noon as continuing weakness in the iron ore price weighs on miners.

At 12.05pm (AEST), the benchmark S&P/ASX200 index declined 44.9 points, or 0.82%, to 5,434.1 points, while the broader All Ordinaries index shed 43.4 points, or 0.8%, to 5,415.5 points.

Stockbrokers had been forecasting a positive start to the week on the back of gains on Wall Street but heavy falls in the price of iron ore have changed that.

"That is certainly the drag and the miners are under real pressure and the banks are waning with it," IG market strategist Evan Lucas said.

"I am surprised by how well the Aussie market has bucked the global trends of the last week and we are probably now starting to play catch-up by falling."

Materials took a hit as persistent fears over the iron ore price weigh. The commodity is currently flirting with the $US100 a tonne threshold.

The steelmaking commodity's spot price in China is at a year low $US100.70 an ounce while steel prices have also hit 12-month lows.

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