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Feb 24 (Reuters) - Australian shares finished lower on Friday, as sliding iron ore and copper prices dragged down the materials sector.
The S&P/ASX 200 index .AXJO ended down 0.8 percent, or 45.66 points, at 5,739 by the close of trade. The benchmark was off 0.4 percent on Thursday.
China's iron ore futures slid nearly 5 percent and were headed for a weekly loss, coming off a rapid rally underpinned by expectations that strong infrastructure spending would spur steel demand in the world's top consumer. prices also tumbled as worries about demand in China resurfaced after the country's housing minister suggested moves were afoot to stabilise the property market, while a firm dollar reinforced negative sentiment. S&P/ASX 200 materials index .AXMJ fell for a third straight session to more than a six-week low.
BHP Billiton (LON:BLT) BHP.AX , the world's largest miner by market capitalisation, slumped to over a seven-week low, its third successive day in the red.
Global miners Rio Tinto (LON:RIO) RIO.AX and Fortescue Metals Group Ltd FMG.AX dropped 4.2 percent and 3.4 percent, respectively.
Financial stocks also took a beating, weighed down by the "Big 4" banks that lost 0.2 to 0.7 percent.
The worst performer on the main index was business management software maker Myob Group Ltd MYO.AX , diving 6.8 percent to an eight-month intraday low on a selldown by Bain Capital. Zealand's benchmark S&P/NZX 50 index .NZ50 closed 0.4 percent, or 30.94 points lower, to finish the session at 7,058.58.
The index fell to its lowest in three weeks, with industrials, utilities and healthcare stocks leading the losses.
Auckland International Airport Ltd AIA.NZ and Fisher & Paykel Healthcare Corp FPH.NZ slipped 1.7 percent, while Mercury NZ Ltd MCY.NZ fell 2.6 percent.
Retail company Warehouse Group Ltd WHS.NZ , the biggest loser on the index, fell 2.6 percent to a three-week intraday low.