ASX closes the week out in negative territory

January 14, 2022 - 5 days ago
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The Australian share market ends the week on a disappointing note following a tech-led sell-off on Wall Street.

The benchmark S&P/ASX 200 index fell -80.5 points, or -1.08%, to 7,393.9, while the All Ordinaries dropped -80.4 points, or -1.03%, to 7,717.1, while our local currency, the Australian dollar, is currently buying US$0.7276.

On Friday, local investors traded on a cautious note after the U.S. Labour Department on Wednesday showed the Consumer Price Index (CPI) increased 0.5% last month after rising 0.8% in November.

Although, in the 12 months through December, the CPI surged 7.0% to its highest year-on-year, marking the largest 12-month gain since June 1982.

Then, on Thursday, the U.S. Labour Department said its producer-price index rose 0.2% in December from the prior month, the slowest pace since November 2020, while year-on-year 9.7%, its highest level on record.

The producer price index, which measures changes in the price of goods and services from a producer perspective, was expected to increase 9.8% last month.

The biggest technology company on the ASX, Afterpay, plunged -9.16%, to a level last recorded in August 2020 at $69.03.

Healthcare stocks also came under pressure, with CSL falling -2.02%, to $276.00, mining titans BHP Group slid -0.36%, to $46.68, Rio Tinto lost -0.99%, to $110.60, and Fortescue Metals Group ended flat at $21.37.

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