5 Things you need to know on the Australian Sharemarket today

Welcome to Thursday. Here are the five things I'm looking at today on the Australian sharemarket.

1. The S&P/ ASX 200 (Index: ^AXJO) (ASX: XJO) has opened up 0.4%, despite falls on offshore markets overnight.In the US, the Dow Jones fell 0.4%% as did the broader S&P 500 and the tech-heavy NASDAQ also posted a 0.4% drop.Oil prices reversed course overnight, with Brent Crude Oil rising 2.9% to US$56.70 per barrel, and WTI Crude added 4.1% to US$49.55 per barrel. (WTI stands for West Texas Intermediate and is the benchmark oil price in the US while the Brent crude oil price is more widely used in Europe.)The Australian dollar is slightly lower against the US dollar and is currently buying 76.0 US cents.
2. Iron Ore has fallen below US$50 per tonne overnight, threatening the very survival of junior iron ore miners and smashing a huge hole in Australia's Federal and Western Australian government's budgets. Spot iron ore plunged 4% overnight to US$49.54 per tonne.News that the WA government has allowed junior miners, including BC Iron Limited (ASX: BCI), to defer millions of dollars in iron ore royalty payments illustrates that the situation is dire. But that is just kicking the can down the road, and potentially delaying the inevitable.
3. Telstra Corporation Ltd (ASX: TLS) a health care stock? Seems unlikely right. But that's exactly where the giant telco sees a huge opportunity. To take advantage of Australia's ageing population and growing demand for healthcare services, Telstra has been buying into eHealth businesses for a few years now.Now the company has purchased Medibank Private Ltd (ASX: MPL) Anywhere Healthcare, which specialises in helping people in remote locations or mobility issues get access to specialist doctors and healthcare via video conferencing.
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5. Stock of the Day – brought to you by Andrew Mudie – Medibank Private Ltd (ASX: MPL). Having fallen to $2.37, is the health insurer a bargain now? Find out here.