Shares post worst week in six months as risks converge
By Adrian Black
The ASX has dropped as soaring oil prices and inflation dial up the odds of higher borrowing costs. -AAP Image
Australian shares have had their worst five days since the first week of the US-Iran war, as stubborn oil prices, high bond yields and inflation woes hammer risk sentiment.
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The S&P/ASX200 fell 78.2 points on Friday, down 0.89 per cent, to 8,741.2, as the broader All Ordinaries slumped 88.1 points, or 0.98 per cent, to 8,920.2.
The top-200 lost almost three per cent since Monday, its worst week since early March after US-led strikes on Iran sparked a broader conflict and the biggest energy supply shock in recent memory.
Mining stocks were hit hardest, the materials sector plunging almost nine per cent in a fortnight as surging crude costs, tariff uncertainty and interest rate fears dragged metals prices lower.
The Australian dollar traded lower, buying 71.71 US cents, down from 72.16 US cents on Thursday at 5pm.
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