Australian shares drop as conflict realities set in
Conflict in the Middle East has weighed on the Australian share market. -AAP Image
Australian shares have tumbled as the deepening Middle East conflict heightens fears around spiralling energy costs and the likelihood of further interest rate hikes.
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The S&P/ASX200 dropped 124.3 points on Tuesday, down 1.35 per cent, to 9,076.6, while the broader All Ordinaries lost 133.4 points, or 1.41 per cent, to 9,297.2.
Energy stocks were the only sector to finish clearly higher, as basic materials ran into profit-taking and consumer discretionaries were hit by a toxic mix of confidence-killing headlines.
The Australian dollar is buying 71.04 US cents, up from 70.77 US cents on Monday, edging higher after bets on interest rate rises firmed on a hawkish speech from Reserve Bank governor Michele Bullock.
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