A sell-off in iron ore miners is dragging the Australian sharemarket lower at the start of the week. The S&P/ASX 200 index is down 41 points, or 0.5%, at 7781.6 points as of 2pm.
Given the recent rally in Stanmore Resources Limited’s stock price, driven by the fire at Anglo American’s Grosvenor mine which significantly reduced global seaborne coking coal supply, we recommend taking profit on half of our position.
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