Australian shares pare losses

Australian shares added two points in a volatile session on Monday, rebounding from a one-month low as US equity futures rose on news al Qaeda leader Osama Bin Laden is dead and his body has been recovered by US authorities. Oil prices fell by 1 percent on the news that US forces had killed Bin Laden after a decade of counter-terrorism efforts.
The benchmark S&P/ASX 200 index finished up 2.1 points at 4,825.3. It fell 1 percent on Friday. New Zealand's benchmark NZX 50 index fell 0.6 percent to 3,497.9. The Australian market had fallen to 4,765.1, its lowest since March 30, as the local currency surged to $1.10 for the first time in 29 years, compelling foreign investors to take profits.