Aust stocks close slightly higher

Local market edges up as iron ore price lifts further, major miners edge into black.

The Australian sharemarket closed slightly higher after the iron ore price lifted further and the major miners edged into positive territory.

At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index added 16.8 points, or 0.31%, higher to 5,366.9, while the broader All Ordinaries index added 17.1 points, or 0.32%, to 5,376.8.

IG markets strategist Evan Lucas said the price of iron ore has added 7.4% since it bottomed out on fears Chinese demand will fall due to oversupply.

Investors were also watching a slight lift in Japanese inflation today.