Australia: Shares recede on commodity softness, NZ index rises

[SYDNEY] Australian shares on Tuesday fell further away from recent six-week highs as a return of risk aversion pushed down prices of copper, gold and other commodities.

The S&P/ASX 200 index dropped 0.6 per cent to 5,202.9 at the close of trade. On Monday, when shares briefly touched six-week highs, the benchmark closed down 0.9 per cent.

Energy and mining stocks were hard hit on Tuesday from the combination of lower oil prices and profit-taking following recent hefty gains.

In contrast, New Zealand's benchmark NZX 50 index extended gains with a 0.2 per cent increase or 12.99 points. During the session, it reached a three-week high before closing at 5,702.82.

REUTERS