Australian shares up on Fed, higher iron ore prices

Australian shares were higher at the open on Monday, with the benchmark S&P/ASX 200 index up 8.1 points to 4,398.1 at 0055 GMT, after gaining 1.2 per cent to a four-month closing high on Friday. Improving iron ore prices helped miners, with BHP Billiton up 2.3 per cent to A$34.09 after iron ore prices recovered above the US$100 level.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1038948/australian-shares-fed-higher-iron-ore-prices