Aust stocks close weaker

Local market slips as investors focus on valuations, downgrade in iron ore space.

The Australian sharemarket closed lower today as investors mull a fully valued market, the approaching end of financial year and a downgrade in the iron ore space.

At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index dropped 25.2 points, or 0.46%, to 5,428.8, while the broader All Ordinaries index shed 24.6 points, or 0.45%, to 5,407.9 points.

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