News: RHC Australia shares end at three-month low as strong dollar hits commodity prices

	  Commodities sectors lead benchmark rout 

	  Healthcare, tech stocks remain outliers 

(Updates to close)

Australian shares closed at a three-month low on Monday, with miners and energy companies bearing the brunt of a broad market sell-off as the safe-haven U.S. dollar's surge to a two-decade peak hit commodity prices.

The S&P/ASX 200 index (xjo) ended 1.6% lower at the close of trade, falling for the third straight day. The benchmark fell 1.9% on Friday.

The dollar index =USD climbed above 114.50 for the first time since 2002, supported by rising Treasury yields, the pound's decline to a record low and overall risk aversion.

"The big story remains the U.S. dollar and the huge effect its surge is having," said Henry Jennings, a senior market analyst from Marcustoday Financial Newsletter.

Additionally, Kunal Sawhney, chief executive officer at Kalkine Group, said the whole week could reflect the sour sentiment, with the benchmark likely to exhibit volatility, but with a chance of little upside.

Investors are already fearful about a recession given that major central banks around the world have been raising interest rates in a bid to tame price pressures.

Back in Australia, the resources sectors led the rout with miners .AXMM dropping the most about 5.9%. Rio Tinto (RIO) , BHP Group (BHP) and Fortescue Metals (FMG) falling between 4.2% and 5.4%.

Oil and gold prices were under pressure due to the surging greenback.

The gold index .AXGD slumped 6.5% to a four-year low, with Newcrest Mining (NCM) falling 5.3%. Energy stocks .AXEJ lost nearly 6.3%, marking their biggest intraday percent drop since March 23, 2020.

On the positive side, healthcare stocks .AXHJ gained nearly 2% in their best day since mid-May, on the back of a stronger greenback, with index major CSL Ltd (CSL) rising 2.9%.

However, Ramsay Health Care (RHC) skidded around 2.4%, after a KKR & Co KKR.N led consortium withdrew its A$20 billion ($13.01 billion) to buy the hospital operator.

The New Zealand market was closed due to a public holiday.

($1 = A$1.5375)