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Australia: Shares dive to 7-month low as China currency, metals downgrade weigh

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Australian shares bucked a poor performance by Wall Street to edge 0.6 per cent higher on Thursday, aided by a hunt for dividend yield and more merger action.

[SYDNEY] Australian shares slumped to a seven-month low on Wednesday as key trading partner China devalued its currency and a reduced forecast for metals prices dragged down resources stocks.

The S&P/ASX 200 index fell 1.7 per cent or 91.1 points to 5382.1, its lowest close since Jan 20. The benchmark has fallen 5 per cent so far this month.

New Zealand's benchmark NZX 50 index dropped 1.1 per cent or 65.1 points to finish the session at 5757.2.

REUTERS

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