Australia shares seen up modestly on Wall St, low iron ore prices may weigh

SYDNEY Mon Aug 25, 2014 7:23pm EDT

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SYDNEY Aug 26 (Reuters) - Australian shares are likely to rise modestly after the S&P 500 closed at record highs, but resources stocks may underperform as benchmark spot iron ore prices remained locked near the year's lows.

* Local share price index futures climbed 0.1 percent to 5,604.0, but was a 30.9-point discount to the underlying S&P/ASX 200 index close.

* The benchmark lost 0.2 percent on Monday, snapping seven consecutive sessions of gains, its longest streak since mid-July.

* New Zealand's benchmark NZX 50 index was flat at 5,182.8 in early trade.

* The S&P 500 was unable to hold the 2,000 mark after moving above the milestone level for the first time on Monday, but still managed to close at a record high, buoyed by financials and biotechnology stocks.

* Benchmark spot iron ore is now trading close to this year's low of $89 a tonne and a further decline would take it to its weakest since September 2012, as top, low-cost miners lift output even more in a bid to take out smaller producers.

* Senex Energy Ltd reported full year gross profit of A$89.1 million, up 27 percent.

* Specialty Fashion Group Ltd said its full year profit after tax was down 3.8 percent to A$12.5 million.

* Pacific Brands Ltd reported a full year net loss of A$224.5 million versus a profit of A$73.8 million last year, and said it expects a "continuation of challenging and variable market conditions for FY15".

----------------------MARKET SNAPSHOT @ 2310 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1997.92 0.48% 9.520 USD/JPY 104.04 0.01% 0.010 10-YR US TSY YLD 2.3838 -- 0.000 SPOT GOLD 1275.94 -0.03% -0.400 US CRUDE 93.41 0.06% 0.060 DOW JONES 17076.87 0.44% 75.65 ASIA ADRS 154.13 0.31% 0.48 -------------------------------------------------------------

* S&P 500 sets record high but fails to hold 2,000 mark * U.S. crude edges lower in light trading on weak economic data * Gold eases toward 2-month low on stronger dollar, equities * Shanghai copper hits highest since early July as consumers restock

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(Reporting by Thuy Ong; Editing by)

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