Australian shares weighed by miners, banks; NZ stocks steady

April 17, 2015 4:08 AM

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SYDNEY/WELLINGTON, April 17 (Reuters) - Australian shares fell 1 percent on Friday as falling iron ore prices encouraged investors to sell mining stocks, putting the index on track for hefty weekly losses.

The S&P/ASX 200 index dropped 61.2 points to 5886.2 by 03:54 GMT. The benchmark had risen 0.7 percent on Thursday and was set to end the week 1.4 percent lower. It has been unable to break a key psychological level of 6,000 points.

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