S&P/ASX 200 falls 1.11% after highest ever close of 7172.8 on Monday

S&P/ASX 200 (INDEXASX:XJO) has slipped 1.11% to 7,093.5 with most sectors in negative territory ahead of tonight’s Federal Budget. This follows a gain of 1.3% on Monday with the index reaching its highest ever close of 7172.8 points. The price of iron ore has hit a record high for a second day, gaining 7.9% to US$229.55 per tonne. Iron prices have almost tripled since April 2020, when it was trading at ~US$80. A2 Milk shares retreat A2 Milk (ASX:A2M) has fell 5.5%, slipping for a fifth consecutive day and after revising its FY21 outlook for a fourth time since September 2020 yesterday. The border closures, particularly with China, have significantly impacted A2 Milk’s Daigou channel business. National Australia Bank (ASX:NAB) will proceed with the acquisition of digital bank 86 400 following Federal Court approval. The Big Four bank announced its intention to make the purchase earlier this year to help accelerate the growth of its digital bank, UBank. Top gainers Today’s top gainers on the ASX include Arafura Resources Limited (ASX:ARU) (+11.11%), Aurumin Ltd (ASX:AUN) (+8.00%), Black Dragon Gold Corp (CDI) (ASX:BDG) (+11.11%), Kneomedia Ltd (ASX:KNM) (+11.11%), Suda Pharmaceuticals Ltd (ASX:SUD) (+8.33%) and Tietto Minerals Ltd (ASX:TIE) (+6.90%). Proactive news headlines: Miramar Resources extends and upgrades Marylebone gold target strike length to 1.7 kilometres at Gidji JV Miramar Resources Ltd (ASX:M2R) extended the Marylebone target strike length to 1.7 kilometres during recent phase-2 aircore drilling, which returned 4-metre composite assays between 0.25 g/t and 1 g/t gold at depths of 44 to 60 metres within the Gidji joint venture project in Western Australia. Arafura Resources feasibility study update confirms Nolans as “shovel ready "world-class" NdPr project Arafura Resources Ltd (ASX:ARU) (OTCMKTS:ARAFF) (FRA:REB) has completed a feasibility study update for its 100%-owned Nolans Neodymium-Praseodymium (NdPr) Project in the Northern Territory, confirming ultra-low operating costs of US$24.76 per kilogram of NdPr oxide. Twenty Seven Co to kick off maiden Yarbu gold exploration with auger drilling Twenty Seven Co Ltd (ASX:TSC) (FRA:U9V) is set to start auger drilling at the 100%-owned Yarbu Gold Project, around 160 kilometres northeast of Southern Cross and about 90 kilometres northwest of TSC’s Mt Dimer Project in Western Australia. Alta Zinc outlines new drill targets at Gorno Zinc Project following positive geophysical survey results Alta Zinc Ltd (ASX:AZI) (FRA:8EE) has outlined a large chargeability response over an area of 750 metres by 250 metres, which extends the exploration footprint of the Gorno Zinc Project in northern Italy. Moho Resources about to diamond drill gold targets at Crossroads within Burracoppin JV Moho Resources Ltd (ASX:MOH) is set to start diamond drilling at Crossroads prospect of the Burracoppin Gold Project within E70/4688, which is subject to a 70:30 joint venture with IGO Limited (ASX:IGO). Marvel Gold plans to unlock value of Chilalo Graphite Project through spin out and IPO Marvel Gold Ltd (ASX:MVL) (FRA:GR2) plans to unlock the value of its advanced Chilalo Graphite Project in Tanzania by spinning it out into a newly incorporated, wholly-owned subsidiary Evolution Energy Minerals Limited, which proposes to undertake an IPO to facilitate listing on the ASX. European Lithium set to boost Austrian lithium endowment through Jadar collaboration European Lithium Ltd (ASX:EUR) (FRA:PF8) (VIE:ELI) is set to add to its strategic lithium endowment in the heart of Europe after entering a Collaboration Agreement with Jadar Resources Ltd (ASX:JDR) (FRA:R1E) on its Austrian tenements.