SYDNEY, AAP – Investors’ longest winning streak of the year on the ASX never looked like extending on Friday as traders decided soaring commodity prices had gone high enough.
Oil prices eased and energy and materials shares closed lower after concerns Russia will be unable to maintain supply of its commodities had pushed prices higher earlier in the week.
Vladimir Putin’s troops continued to lay siege to Ukraine and caused an explosion at a nuclear power plant.
The benchmark S&P/ASX200 index closed down 40.6 points, or 0.57 per cent, to 7110.8 points.
The index is a little more than 500 points from its record high in August last year.
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The All Ordinaries index closed lower by 51.5 points, or 0.69 per cent, to 7395.3 points.
The Australian dollar was buying 73.58 US cents at 1622 AEDT, more than the 73.03 US cents at Thursday’s close.