Australia shares recover, eke out small gain as banks rebound

Wed May 21, 2014 2:22am EDT

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SYDNEY May 21 (Reuters) - Australian shares reversed early losses for a second session to eke out a gain of 0.1 percent on Wednesday, as a turnaround in two of the major banks offset a drag among miners as iron ore prices extended a worrying slide.

Australia and New Zealand Banking Corp and Commonwealth Bank of Australia rose 0.5 percent and 0.9 percent respectively, bouncing back from earlier falls.

The S&P/ASX 200 index added 4.3 points to 5,424.6 at the close of trade. The benchmark tacked on 0.2 percent on Tuesday.

New Zealand's benchmark NZX 50 index slipped 0.5 percent to 5,108.6. (Reporting by Thuy Ong; Editing by Shri Navaratnam)