SYDNEY, AAP – Buy now, pay later providers have been among the big losers on the Australian share market after a US watchdog readied a probe into whether they are harming consumers.

Afterpay dropped seven per cent on Friday and Sezzle shed almost 10 per cent on concerns the US investigation might require changes to how the providers do business.

Gains for energy, materials and financials helped the market higher.

The benchmark S&P/ASX200 index closed up 8.3 points, or 0.11 per cent, to 7304 points on Friday.

The All Ordinaries closed higher by 7.7 points, or 0.1 per cent, to 7626.2 points.

The Australian dollar was buying 71.64 US cents at 1622 AEDT, higher from 71.56 US cents at Thursday’s close.