Australia Shares Edge Up On Miners But CBA’s Miss Caps Gains

Australian shares edged higher on Wednesday as fears of an iron ore supply shortage bolstered mining stocks, but gains were capped by a profit miss for top lender Commonwealth Bank of Australia.

The S&P/ASX 200 index closed up 0.3 percent or 20.20 points at 6,026.10. The benchmark surged nearly 2 percent Tuesday.

The metals and mining index rose 1.2 percent to a near seven-year high, dominating gains in the benchmark.

Concerns are growing over a possible shortfall in iron ore supplies after Brazil’s Vale SA on Tuesday declared force majeure on some iron ore contracts following a court-ordered halt to a mine responsible for nearly 9 pct of its output.