You are here

Australia: Shares fall as continued tumble in iron ore takes toll

[SYDNEY] 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 per cent 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 per cent on the day to A$2.74.

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