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Finance stocks drop as trading week ends
Friday, 12 Feb 2016 15:47:14 | Liz Hobday
The four major banks all lost ground this week. (AAP: Paul Miller)
A tumultuous week of trading has come to a close with the Australian share market closing 1 per cent lower.
The All Ordinaries closed 54 points lower at 4,816 points, while the ASX-200 shed slightly more to finish at 4,765.
The market entered "bear market" territory earlier this week, and while it has since bounced back a little, it is still trading around levels last seen in 2013.
Finance stocks have been part of a global selloff, down by about 2 per cent.
The Commonwealth Bank lost 97 cents to $73.33, Westpac lost 73 cents to $28.06, ANZ shed 53 cents to $22.18, while the NAB lost 46 cents to close at $24.14.
Reserve Bank Governor Glenn Stevens gave testimony before a parliamentary committee on Friday morning, saying share markets were "dropping their bundle" and there was no economic trigger for selloffs seen worldwide.
Mr Stevens also indicated the central bank's next move would most likely be a cut — but rates are likely to stay on hold for most or all of this year.
Energy was the only sector that did not finish in the red today.
Caltex dropped 58 cents to $35.56, but Santos gained 11 cents to finish at $3.16.
Bluescope Steel was one of the best performers on the market thanks to an earnings upgrade, with shares jumping 62 cents to $5
In commodities, the price of gold had its best weekly gains in four years, thanks to the turmoil on global markets.
The spot gold price has reached a one year high of $US1,237 per ounce.
Oil was lower at just above $US26 a barrel
Iron ore was steady at $US44.50 a tonne
The Australian dollar was buying just under $US.71 US cents.
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