Mining giants power ASX to gains

ASX trading display.
Shares on the Australian market have followed Wall Street higher. -AAP Image

Mining giants benefited from a higher iron ore price and helped the Australian share market be one of the best in the region on Thursday. 

Materials shares gained 2.56 per cent and iron ore miners thrived after their rivals in Brazil suspended work due to heavy rain.

Rio Tinto was one of the best and increased by 4.13 per cent to $111.70.

The benchmark S&P/ASX200 index closed up 35.5 points, or 0.48 per cent, to 7474.4 points.

The All Ordinaries index closed higher by 35.3 points, or 0.45 per cent, to 7797.5 points.

The Australian dollar was buying 72.87 US cents at 1623 AEDT, higher from 72.17 US cents at Wednesday's close.