The local share market has finished at a fresh four-week high despite domestic inflation coming in hotter than expected, as surging iron ore prices boosted the mining sector and sent BHP to its highest level ever.

The benchmark S&P/ASX200 index closed Wednesday up 64.3 points, or 0.9 per cent, to 7195.3, its highest finish since December 15.

The All Ordinaries gained 69.8 points, or 0.95 per cent, to 7406.4.

The Australian dollar, meanwhile, was buying 69.18 US cents, from 69.09 cents, at Tuesday’s ASX close.

Derek Rose
(Australian Associated Press)