Australian shares suffered their biggest weekly loss in over a month on Friday, as investors stampeded out of riskier asset markets on heightened anxiety over faltering global growth prospects. A plunge in oil prices and the threat of a US government shutdown added to the gloom even as investors struggled to come to terms with the US Federal Reserve's plan to keep raising rates despite increasing risks to growth.
That left the S&P/ASX 200 index in bad shape ahead of the Christmas break. The index fell 0.7 percent, or 38.20 points, to close at 5467.60, and was off 2.4 percent for the week - the worst performance since the week-ended Nov 16. The 'Big Four' were a major drag; Westpac Banking Corp
fell 1 percent and National Australia Bank fell 1.1 percent, both touching their lowest in more than six years. Commonwealth Bank declined 0.6 percent to a one-month low, while Australia & New Zealand Banking Group closed 1.1 percent lower to its lowest in over two years.
The index was lifted by mining giants BHP Group which climbed 2.3 percent, and Rio Tinto which advanced 0.7 percent. New Zealand's benchmark S&P/NZX 50 index fell 1 percent to finish the session at 8686.19, and declined 0.4 for the week, its third consecutive week of losses.
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