Australia market sinks 0.5%

The Australian share market finished last trading session of May 2014 firmly in red, dragged down by losses in materials & resources stocks as the price of iron ore dropped below US$96 a dry tonne. The benchmark S&P/ASX200 closed 0.49%, or 27 points, down at 5492.5, while the broader All Ordinaries sank 0.46%, or 25.40 points, to 5473.80. Over the course of May, the All Ordinaries closed higher by just 0.1%. The S&P/ASX 200 Index eked out the smallest of gains for the month, rising 0.06%.

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