ASX closes lower as miners lose ground

The news: The Australian sharemarket has finished lower after iron ore futures plunged more than 2%, dragging a number of Australian miners down with them. The ASX 200 closed at 7,277, down 0.86%. By sector, materials fell the most, losing 1.75%, while financials, health care, industrials and real estate all lost between 0.8% and 0.95%.

The numbers: Carsales was a major mover, with shares soaring roughly 7.5% after it quadrupled its annual profit. Seven West was up 3.95% higher at the close ahead of full-year results on Thursday. West Australian Pilbara Minerals lost 6% as lithium and other commodity prices faded.

The context: Earnings continue tomorrow, with Challenger, CSL, Treasury Wines, SEEK and Cochlear posting annual results. At 11:30am AEST, the ABS will release wage price index data and the Reserve Bank will publish its monthly meeting minutes.