Resources stocks took a hit today, due to a fall in the price of iron ore.The BHP Billiton finished 1.5 percent lower.Energy stocks also lost ground. Santos fell 3 percent.But the big four banks all made solid gains.

 

Elsewhere in the region now.Japan's Nikkei is up 264 points.But the Hang Seng is going the opposite direction,it's losing ground.

 

And the Australian dollar is currently fetching 79.3 US cents.

 

A key survey shows conditions of the Australian business stagnated last month.National Australian bank's monthly business survey shows the reading on conditions fell one point.and is now holding below its long run average.The mining sector recorded the biggest fall in conditions.Confidence edged up slightly helped by optimism in some sectors about falling oil prices.Nab says the economy remains patchy and growth is failing to gain momentum.pointing to the need for two interest rate cuts this year.

 

And Quantas has followed rival Virgin Australia's lead and will start to reduce fuel surcharge on international flights. Qantas won't remove the surcharge all together but will restructure its international ticket prices.further fuel surcharges are absorbed into base fares.fares. Qantas says the move will take some time,given the size of the international network,which comprises of 200 destinations.