Aust stocks close little changed

Local market pares losses as investors switch into yield stocks on iron ore worries.

The Australian sharemarket has narrowed morning losses to close little changed as investors switched  into yield stocks and out of second-tier iron ore miners as the commodity's price continues to fall.

At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index edged up 4.2 points, or 0.08%, to 5,424.6 points, while the broader All Ordinaries index inched up 2.2 points, or 0.04 %, to 5,403.9 points.

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