Iron ore miners drag Australian shares lower, NZ gains



* Fortescue drops over 5%, Rio more than 3%

* New Zealand stocks end 6-day losing streak

* a2 Milk soars 12% on upbeat Bubs results (Updates to close)

Oct 13 (Reuters) - Australian shares fell for a third consecutive session on Wednesday, weighed down by iron ore miners due to a plunge in Dalian prices, while a2 Milk led New Zealand stocks higher following an upbeat quarterly report from a smaller dairy firm.

Iron ore-focused miners Fortescue Metals Group FMG.AX and Rio Tinto RIO.AX fell more than 5% and 3%, respectively, after prices of the steel-making ingredient tumbled over 4% in China.

The benchmark ASX 200 .AXJO dipped 0.1% to 7,272.5, also weighed down by a more than 1% drop in the country's top two lenders.

Second-tier lender Bank of Queensland BOQ.AX fell 4.3% after warning that its margins in the coming year would decline due to stiff competition and a low interest rate environment.

Star Entertainment SGR.AX rebounded 6.5%, after losing a quarter of its value in just two sessions on worries that governance concerns would result in even tighter regulatory scrutiny that has plagued the sector and especially its larger rival Crown Resorts CWN.AX .

Star looked to calm nerves in an after-market announcement on Tuesday, saying it had taken measures to address a confidential report by KPMG that showed failings to rein in money laundering and fraud at its two resorts.

a2 Milk ATM.NZ surged over 12% after Bubs Australia BUB.AX reported its first-quarter results that showed a 156% jump in China-facing revenue, and asserted that it had largely overcome COVID-19 disruptions.

The New Zealand dairy firm has lost nearly 60% of its value since December last year as travel restrictions and COVID-19 disruptions hit its largest market, China.

a2 Milk's gain helped New Zealand stocks .NZ50 snap a six session run of losses, closing 0.2% higher at 13,025.18.
Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu

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