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Australia: Shares fall as oil slump wallops energy stocks

Friday, November 28, 2014 - 14:24
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Australian shares fell the most in seven weeks on Friday, led by a brutal selloff in energy producers as the biggest drop in oil prices in three years stoked concerns about demand for the country's commodities.

[SYDNEY] Australian shares fell the most in seven weeks on Friday, led by a brutal selloff in energy producers as the biggest drop in oil prices in three years stoked concerns about demand for the country's commodities.

The S&P/ASX 200 index closed down 1.6 per cent or 87.9 points at 5313.0, its biggest percentage drop since Oct 10. The energy sub-index slumped 7.6 per cent.

New Zealand's benchmark NZX 50 index fell 0.6 per cent or 30.9 points to finish the session at 5424.4.

REUTERS