ASX falls as iron ore slump hits miners; Transurban buys rest of WestConnex; AusNet receives takeover bid

Mining stocks have been leading the losses on the Australian share market in early trade, while utilities has been the only sector gaining ground, as AusNet Services shares surge on news of a takeover offer.

By 10:30am AEST, the benchmark ASX 200 index was 1.1 per cent lower, at 7,322 points.