Business

Australian shares up as iron ore price rises

iron ore truck pilbara Image copyright AMY COOPES

Shares in Australia were higher on Wednesday, boosted by resource-related stocks and after a rise in US stocks.

Sydney's benchmark S&P/ASX 200 closed up 0.5% at 5,141.78, marking its sixth straight day of gains.

An increase in the price of iron ore, Australia's biggest export, helped the index, together with a slight rise in the price of oil.

Shares in mining giant BHP Billiton rose 3.45%, Rio Tinto closed up 4.2%, while Fortescue Metals gained 2.9%.

Shares in Atlas Iron finished the trading day up nearly 6% on news of the firm's plans to restructure its debt.

In China, the Shanghai Composite closed down 0.4% at 3,636.09, while Hong Kong's Hang Seng rose by nearly 1% to 22,040.59.

South Korea's benchmark Kospi index closed up 0.33% at 1,999.22, although at one point it had risen above the 2,000 mark for the first time in three weeks.

Japan's stock market is closed for a public holiday.

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