Iron ore giants, lithium miners drag on local shares

ASX
The mining sector fell 2.1 per cent on Wednesday, its worst day since October 23. -AAP Image

The local share market has finished lower, dragged in part by losses by its major miners and lithium producers, even as fresh economic data bolstered the case that interest rates have peaked domestically.

The benchmark S&P/ASX200 index on Wednesday finished down 52 points, or 0.69 per cent, to 7,468.5, while the All Ordinaries dropped 46.8 points, or 0.6 per cent, to 7,702.7.

The Australian dollar was buying 67.03 US cents, from 67.10 US cents at Tuesday's ASX close.