The Australian sharemarket notched its first weekly drop in four weeks as a rebound in bank stocks on Friday fell short of reversing the week’s steep losses.
The S&P/ASX 200 Index climbed 0.5 per cent, or 39.5 points, to 8231.2 points at the close. The bourse fell 0.5 per cent over one week, driven by a sell-off in banks on lacklustre earnings results.
Nine of the index’s 11 sectors were in the green on Friday afternoon, with banks and technology leading gains.
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