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May 28 (Reuters) - Australian equities beat a three-session losing run on Tuesday as mining stocks rallied on firmer iron ore prices, sending shares of global miner Rio Tinto (LON:RIO) to their highest close since 2008.
The S&P/ASX 200 index .AXJO finished the session 0.5%, or 32.9 points higher, at 6,484.8. The benchmark closed 4.1 points lower on Monday.
Iron ore prices have strengthened relentlessly in 2019 as supply concerns for the steel-making commodity beat persistent U.S.-China trade tensions that have otherwise weighed on global growth. On Tuesday, iron ore futures in China hit a fresh record high. MET/L
Local mining stocks have reaped the benefit, with Rio Tinto having gained over 36% this year and 2.2% for the day. BHP Group BHP.AX also gained 1.7% on Tuesday.
Energy stocks .AXEJ advanced over 1%, buttressed by brent crude oil prices, which consolidated above $70 per barrel, thanks to supply cuts led by OPEC and certain U.S. sanctions. O/R
Local oil and gas companies such as Woodside Petroleum Ltd WPL.AX , Santos Ltd STO.AX and Origin Energy Ltd OSH.AX climbed between 0.7% and 1.3%.
Oil Search shares OSH.AX ended 0.3% lower, still weak after political disarray in Papua New Guinea, which threatened to delay a project in which it is a partner. gold stocks .AXGD lost their lustre in the positive market, with Newcrest Mining Ltd NCM.AX , Evolution Mining Ltd EVN.AX and St Barbara Ltd SBM.AX giving up between 0.3% and 1.1%.
Elsewhere, Domino's Pizza Enterprises DMP.AX ended 5% lower at its worst close since 2015, after Morgan Stanley (NYSE:MS) downgraded the pizza maker's stock to "equal-weight" from "overweight". Zealand's benchmark S&P/NZX 50 index .NZ50 closed 0.2% lower at 10,123.32, with industrials stocks among the top losers.
Air New Zealand AIR.NZ extended its fall to end 2.2% lower, after it cut its 2019 earnings expectations on Monday.