SYDNEY, AAP – Commonwealth Bank shares reached a record price as investors overcame inflation fears and helped the Australian market higher.

Shares in the nation’s biggest bank reached $97.38 before closing higher by 0.63 per cent to $96.58.

There was a broad-based rally after three days of losses on the ASX. The losses were partly due to the biggest jump in US prices in 12 years.

The benchmark S&P/ASX200 index closed lower by 31.5 points, or 0.45 per cent, to 7014.2.

The All Ordinaries closed down 30.4 points, or 0.42 per cent, to 7239.4 points.

The Australian dollar was buying 77.31 US cents at 1622 AEST, higher from 77.22 US cents at Thursday’s close.