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Australia: Shares rise 1% on recovery in resources, BHP, Rio climb

Tuesday, October 14, 2014 - 13:33
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- PHOTO: REUTERS

[SYDNEY] Australian shares rose 1 per cent on Tuesday, underpinned by a recovery in the resources sector as iron ore, copper and other base metals rebounded, though a survey showing a dip in business conditions curtailed buying.

Global iron ore miners BHP Billiton Ltd and Rio Tinto Ltd finished 2.6 per cent and 4.1 per cent higher respectively.

The S&P/ASX 200 index added 51.9 points to 5,207.4 at the close of trade, snapping two days of losses. The benchmark shed 0.6 per cent on Monday.

New Zealand's benchmark NZX 50 index slipped 0.5 per cent or 24.2 points to finish the session at 5,145.9. - Reuters