The Australian share market is trading slightly lower, giving up early gains after being weighed down by the big banks and miners.
The market opened higher, with the benchmark S&P/ASX200 passing 5,175 points in early trading, but it has dropped to 5,136 by lunchtime.
Fortescue shares rose 3.6 per cent in early trading, but have now fallen 31.5 cents, or more than 10 per cent, to $2.765.
The drop in Fortescue's price comes despite the iron price jumping almost 20 per cent to $US63.74 a metric tonne and the company announcing it is in talks with Brazilian iron ore giant Vale to strike a deal for blending iron ore for China.
BHP Billiton is 13 cents lower to $18.42, while Rio Tinto shares are down 90 cents to $45.57.
Among the major banks, Commonwealth Bank fell by 98 cents, or 1.27 per cent, at $75.91, National Australia Bank is 22 cents down, or 0.81 per cent, at $27.01, ANZ has dropped 16 cents, or 0.63 per cent, to $25,32 and Westpac is off 18 cents, or 0.56, at $31.94.
* At 1210 AEDT, the benchmark S&P/ASX200 index was down 6.8 points, or 0.13 per cent, at 5,136 points.
* The broader All Ordinaries index was down 7.8 points, or 0.15 per cent, at 5,196.9 points.
* The March share price index futures contract was down three points at 5,128 with 19,017 contracts traded.
* National turnover was 1.38 billion securities traded, worth $2.11 billion.