Australia shares reverse early losses to end up 0.2 pct on recovery by banks

Tue May 20, 2014 2:27am EDT

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SYDNEY May 20 (Reuters) - Australian shares added 0.2 percent on Tuesday as banks reversed earlier losses to finish higher and a weaker Aussie dollar helped lift some companies with large offshore earnings, though sliding iron ore prices weighed on miners.

The S&P/ASX 200 index ended 11.4 points higher at 5,420.4. The benchmark fell 1.3 percent on Monday, its biggest one-day percentage drop since mid-April.

Genworth Mortgage Insurance Australia Ltd jumped 13.2 percent in an upbeat first day of trade for the country's biggest initial public offering of the year so far.

New Zealand's benchmark NZX 50 index lost 0.6 percent to close at 5,134.9. (Reporting by Thuy Ong; Editing by Prateek Chatterjee)

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