RPT-Australia shares climb as Rio Tinto, financials gain; NZ up
April 16 (Reuters) - Australian shares climbed on Tuesday as Rio Tinto rose on expectations of higher iron ore prices owing to a tighter market, despite reporting a 14 percent fall in quarterly shipments. Rio, the world's second largest iron ore miner, gained 0.5 percent even as it cut its 2019 shipments estimate after a tropical cyclone hit quarterly shipments. Supply disruptions in Australia and elsewhere have resulted in prices of the steelmaking material surging to multi-year highs, boosting shares of miners. However, peers BHP Group Ltd and Fortescue Metals Group Ltd retreated 0.4 percent and 0.6 percent, respectively, ahead of their quarterly production reports this week. The healthcare index advanced 1.3 percent, supported by a 7.9 percent jump by bionic ear maker Cochlear Ltd. Cochlear on Tuesday announced a new implant which will be commercially available in Germany and other European countries in the coming months.
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