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AAP
AAP
Business
Derek Rose

Aussie shares pare losses as US, Iran trade air strikes

United States Iran Missile Oil Richard White BHP Wisetech Global
The ASX was on track for heavy losses in early trading but hit back to end the day down slightly. (Lukas Coch/AAP PHOTOS)

The local share market has staged a dramatic turnaround, finishing only modestly lower after earlier being on pace for its worst day in five weeks.

The benchmark S&P/ASX200 index was down as many as 127 points, or 1.4 per cent in the first hour of trading on Wednesday, but climbed steadily in the afternoon to finish just 18.8 points lower at 8,785.1, a drop of 0.2 per cent from Tuesday's close.

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