Australian shares recovered from session lows to close 0.2 percent lower on Thursday, paring steeper losses after data showed a jump in jobs in September and more people looking for work. The Australian dollar hit a one-week high as expectations for a November rate cut weakened after government data showed employment rose 14,500 in September, compared to forecasts for a slight rise of 3,750.
The benchmark S&P/ASX 200 index fell 7 points to 4,483.5, according to the latest data, off a session low of 4,460.4. Shares pulled back from 14-month highs on Wednesday after the IMF cut its growth forecast for China, Australia's biggest export market. BHP Billiton and Rio Tinto both fell 0.7 percent. Mineral sands miner Iluka Resources slumped 6.6 percent to A$9 after it reported a drop in first quarter revenue.
Lynas Corp Ltd plunged 15 percent A$0.73 as it faced another delay in opening its rare earths plant in Malaysia, raising the prospect the company may need to shore up its funding with a share sale. Its shares fell to a six-week intraday low of A$0.69. Seven Group Holdings rose 3.6 percent ot A$7.28. Seven said as a result, it would back News Corp's $2 billion agreed offer. Seven stands to earn about A$500 million from the sale of its stake of around 25 percent in Consolidated. New Zealand's benchmark NZX 50 index slipped 0.1 percent to 3,883.3.
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