|Published : 15 Mar 2017, 14:38:06|
Australia shares end slightly higher
Australian shares closed up slightly on Wednesday, recovering from losses earlier in the session after a late rally in mining stocks.
The S&P/ASX 200 index ended the session up 0.3 per cent, or 14.86 points, at 5,774.
The mining index rose 1.0 per cent for a third straight day of gains, led by BHP Billiton Ltd and Fortescue Metals Group Ltd, which rose 1.5 per cent and 5.7 per cent, respectively.
Iron ore futures in China surged more than 5.0 per cent, after steel prices rose to a three-year high on hopes for strong demand.
Real estate stocks also ended higher with GPT Group gaining 3.1 per cent and Viva Energy Reit Ltd closing 5.0 per cent higher.
Dairy company Bega Cheese Ltd climbed 4.5 per cent, hitting a 20-week closing high.
The financials index edged up 0.2 per cent as investors kept an eye on the US Federal Reserve, which is expected to announce a hike in interest rates later on Wednesday.
Five companies in the S&P/ASX 200 index posted 52-week highs, while three fell to one-year lows, according to Reuters.