Australian shares extend losses, New Zealand up

Australian shares slipped to a more than four-week low on Wednesday, extending its second straight session of losses as material stocks slumped on weak base metal prices. The S&P/ASX 200 index fell 0.5 percent, or 32.8 points, to 6,015.8 at the close of trade.
Australia's metals and mining index slid as much as 2.4 percent, posting its biggest fall in over four months. Mining giant BHP Billiton Ltd fell 2.9 percent, posting its worst day in nearly seven months, while Rio Tinto slipped 3.5 percent. Chinese iron ore future fell for a fifth day running on Wednesday, while Shanghai aluminium prices extended declines into a second day. New Zealand's benchmark S&P/NZX 50 index extended gains in its second straight session, rising 0.6 percent, or 47.13 points, to close at 8,297.67. Consumer staples were the biggest gainers on the index with Synlait Milk adding 3.7 percent and a2 Milk Company jumping over 3 percent.