Australian equities beat a three-session losing run on Tuesday as mining stocks rallied on firmer iron ore prices, sending shares of global miner Rio Tinto to their highest close since 2008.[SYDNEY] Australian equities beat a three-session losing run on Tuesday as mining stocks rallied on firmer iron ore prices, sending shares of global miner Rio Tinto to their highest close since 2008.
The S&P/ASX 200 index finished the session 0.5 per cent, or 32.9 points higher, at 6,484.8. The benchmark closed 4.1 points lower on Monday. Iron ore prices have strengthened relentlessly in 2019 as supply concerns for the steel-making commodity beat persistent US-China trade tensions that have otherwise weighed on global growth. On Tuesday, iron ore futures in China hit a fresh record high.
Local mining stocks have reaped the benefit, with Rio Tinto having gained over 36 per cent this year and 2.2 per cent for the day. BHP Group also gained 1.7 per cent on Tuesday. New Zealand's benchmark S&P/NZX 50 index closed 0.2 per cent lower at 10,123.32, with industrials stocks among the top losers.
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