Australia Market falls on US inflation fears

Australian share market finished session lower on Thursday, 12 May 2022, on tracking Wall Street falls on wariness over ongoing inflation and aggressive monetary tightening in the country.

At closing bell, the benchmark S&P/ASX200 fell 123.65 points, or 1.75%, to 6,941.03. The broader All Ordinaries index dropped 137.73 points, or 1.89%, to 7,166.62.

All 11 sectors finished lower, with the Tech sector weighing the most after it saw its largest decline since March 2020 following the release of inflation data in the US overnight. Shares of Xero (XRO) slipped 11.6% after the company issued its annual results, Block (SQ2) shares finished the session at A$99.90 and touched an all-time low today, and Altium (ALU) shares shed 16.7%.

Shares of CSL (CSL) shed 1.8% after saying it expects the regulatory approval process for the acquisition of Vifor, a Swiss-based pharmaceutical company, to take longer than expected

CURRENCY NEWS: The Australian dollar was at $0.6881 after a recent decline from levels above $0.70.

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