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Australia: Shares power up, buoyed by rebound in iron ore prices

Published Tue, May 26, 2015 · 07:02 AM

    [SYDNEY] Australian shares jumped to a three-week peak on Tuesday, after a rebound in iron ore prices prompted investors to buy battered resource stocks, while AGL Energy soared on plans to sell assets and cut costs.

    The S&P/ASX 200 index rose 0.9 per cent to 5,773.4 at the close of trade. It was the fourth straight day of gains.

    New Zealand's benchmark NZX 50 index had a quiet day and finished the session flat at 5,795.8.

    REUTERS

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