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SYDNEY, May 30 (Reuters) - Australian shares lost 0.5 percent on Friday, as an extended slide in iron ore prices hit the index-heavy resource sector, offsetting much of the positives of a rise in Wall Street stocks and Australian private sector credit.
The S&P/ASX 200 index dropped 27 points at the close of trade to 5,492.5. The benchmark added 0.3 percent for the week, its third consecutive week of gains. For May, the benchmark eked out a small 0.1 percent rise, though it still marked the best May performance since 2009.
New Zealand’s benchmark NZX 50 index slipped 0.1 percent to 5,178.4. (Reporting by Thuy Ong; Editing by Shri Navaratnam)