SYDNEY, AAP – The Australian share market has fallen for the third consecutive session, this time with tech stocks and financials the biggest drag.

The benchmark S&P/ASX200 index closed on Wednesday down 56.8 points, or 0.78 per cent, to 7,261.2, while the broader All Ordinaries fell by 57 points, or 0.75 per cent, to 7,547.

The losses put the ASX200 back where it was on March 16, and down 2.5 per cent so far this year.

Meanwhile the Australian dollar modestly strengthened against the greenback after the Australian Bureau of Statistics announced that consumer prices had soared 5.1 per cent in the past 12 months.

The Aussie dollar was buying 71.71 US cents.