Australian shares slipped 0.2 percent on Friday as weak US economic data and Spain's financial troubles hurt banks, which rely on offshore markets for funding. The index still climbed 2.9 percent for the week, its sharpest weekly rise so far this year. The benchmark S&P/ASX 200 index ended down 7.6 points at 4,199.1 points, according to last available data. No 2 lender by assets Commonwealth bank of Australia led banks lower, dropping 1.4 percent.
"Resource stocks came home with a wet sail to end the week, with the likes of BHP eventually getting some traction from the strong quarterly production figures witnessed in recent days," Tim Waterer, a senior trader at CMC Markets. "But overall it seemed the market was content to be in consolidation mode after the recent shift higher." BHP Billiton climbed 0.8 percent while rival Rio Tinto ended flat. Takeover target Hastings Diversified Utilities Fund climbed 5.5 percent. Australian gas distributor APA Group won regulatory approval for its A$1.1 billion hostile bid HDF but still trails a competing bid from a consortium including a Canadian fund manager.
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