Consumer stocks drag down ASX as inflation shocker dashes rate hopes [Video]

Meridian Energy (up 6.3 per cent) was the biggest large-cap advancer. Asset management firm GQG Partners (up 3.4 per cent) and Mercury NZ (up 4.4 per cent) also rose.

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The laggards

The inflation data hit consumer stocks the hardest, with Harvey Norman shedding 8.3 per cent and competitor JB Hi-Fi sliding 2.6 per cent. Wesfarmers (down 2.2 per cent) was also weaker.

Miners (down 0.6 per cent) and interest-rate-sensitive REITs (down 2 per cent) were also sharply lower. Iron ore giants Rio Tinto and Fortescue Metals Group shed 0.2 per cent and 0.4 per cent, respectively, while gold miners Northern Star (down 3.4 per cent) and Newmont (down 3.2 per cent) both declining.

Westfield shopping centres owner Scentre fell 2.2 per cent, and property fund Stockland shed 2.9 per cent.

The big four banks were also down, with CBA, the nation’s largest bank, losing 1.3 per cent. ANZ Group (down 1.3 per …