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Australia: Shares rebound as investors chase banks, but resources slump


[Sydney] Australian shares rebounded from a steep loss to finish 0.2 per cent higher on Thursday as investors bought into recently battered financial stocks, though global growth concerns dented the resources sector and tempered gains.

The S&P/ASX 200 index added 9.3 points to 5,254.9 at the close of trade after hitting a session low of 5,162.4. The benchmark rose 0.7 per cent on Wednesday.

Iron ore producer Fortescue Metals Group Ltd tumbled 6 per cent after saying its average selling price fell to US$71 per tonne over thee quarter to Sept 30 from US$121 per tonne in the previous corresponding period.

New Zealand's benchmark NZX 50 index lost 0.6 per cent, or 30.9 points, to finish the session at 5,132.0.