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Share market rises as iron ore prices edge off low

The Australian share market is rising modestly with mining firms among those trading higher.

The All Ordinaries Index was 9 points higher, or just under 0.2% at 5,634 and the ASX 200 was also up 9 points at 5,635.

Iron ore miners were generally higher as the key Chinese spot price for the commodity edged up off a two year low of USD 87.30 to USD 87.90.

Rio Tinto had gained 0.75%, BHP Billiton was up 0.4% but Fortescue Metals Group had fallen 1.2% as it went ex dividend. Trade was flat for the finance sector.

ANZ had risen 0.1% but the Commonwealth was down by the same amount. The airlines were giving back some of their gains from last week. Qantas had fallen 1.7% and Virgin Australia 1.2%.

Source – ABC

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