SYDNEY, AAP – Shares had their biggest loss in more than two weeks on the ASX as investors despaired at US inflation figures which may prompt a series of rate rises.
The market dropped about one per cent on Friday and most share categories fell after US annual inflation rose to a 40-year record.
Property, healthcare and utilities were the most affected ASX shares and each lost two per cent.
Materials was the only category to buck the trend but gained less than half a per cent.
The benchmark S&P/ASX200 index closed down 71.2 points, or 0.98 per cent, to 7217.3 points.
Top Australian Brokers
The All Ordinaries index closed lower by 79.7 points, or 1.05 per cent, to 7515.8 points.
The Australian dollar was buying 71.20 US cents at 1617 AEDT, lower than 71.73 US cents at Thursday’s close.