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Australia: Shares hit 3-wk lows, iron ore miners slump

Tuesday, November 18, 2014 - 13:31
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[SYDNEY] Australian shares ended at their lowest in over three weeks on Tuesday with further declines in iron ore prices taking a heavy toll on some miners.

The S&P/ASX 200 index slipped 0.2 per cent, or 12.8 points, to 5,399.7, extending Monday's 0.8 per cent fall.

Junior iron ore miner BC Iron led the losers, slumping 10.3 per cent to A$0.655. Fortescue Metal Group skidded 6.6 per cent to A$2.97.

Benchmark iron ore spot prices .IO62-CNI=SI plumbed their lowest since 2009, stretching this year's rout as a supply glut continued to pressure the commodity.

New Zealand's stocks fared better with the benchmark NZX 50 index climbing 0.3 per cent, or 14.8 points, to a record closing high of 5,505.0.

REUTERS