19/11/2014 – Australia shares fall as continued tumble in iron ore takes toll


Nov 19 (Reuters) – Australian shares fell 0.6 percent on Wednesday the heavyweight resource sector was knocked by a persistent slide in the price for iron ore, the nation’s biggest foreign exchange earner.

The S&P/ASX 200 index slipped to 5,368.8 at the close of trade, the third consecutive session of losses. The benchmark is down 1.5 percent so far this week.

Fortescue Metals Group, Australia’s third largest iron ore miner, was hard hit, having tumbled to five-year lows. It dropped more than 7 percent on the day to A$2.74.

In contrast, New Zealand’s benchmark NZX 50 index edged up 0.3 percent or 17 points to finish the session at 5,522, after setting another record high.


Source – Reuters.com