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Australian shares rise as iron ore commodity weakens

Australian shares rise as iron ore commodity weakens

SYDNEY:  Australian shares rose moderately on Monday as a rebound in the iron ore spot price helped investors shrug off broader commodities weakness and a lacklustre lead from offshore markets.

Australia’s main index managed only a scant gain in 2014 as commodity prices tumbled, but New Zealand surged close to 18 percent.

The S&P/ASX 200 index slipped in early trade but soon recovered to close up 0.3 percent or 14.37 points at 5450.3.

New Zealand’s benchmark NZX 50 index added 0.6 percent or 34.3 points to close at 5602.6.