Aust stocks close slightly higher

Local market edges up as investors prepare for tomorrow's US Fed meeting.

The Australian sharemarket has closed slightly higher today as investors turn their attention from tensions in Eastern Europe to the upcoming United States Federal Reserve meeting.

At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index was 11 points, or 0.21%, higher at 5,355.6, while the broader All Ordinaries index was up 12.8 points, or 0.24%, to 5,373.

CMC Markets chief market strategist Michael McCarthy Australian shares merely held their group today, despite expectations for gains on lessening geopolitical tensions between Ukraine and Russia.

Investors are looking to the results of the Federal Open Markets Committee, unveiled tomorrow morning, Australian time, with a further $US10 billion cut to monthly stimulus expected.

"Activity and trading volumes were concentrated in the futures market ahead of final trading of the March SPI contract," Mr McCarthy said.