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The Australian market had its worst week for about three years with five straight sessions of losses, led by bank stocks, as investors lost confidence.

Here’s the scoreboard:

  • S&P ASX 200: 5,498.50 -5.80 -0.11%
  • All Ordinaries: 5,506.50 -4.80 -0.09%
  • AUD/USD: 0.7696 +0.0012 +0.16%

On Wall St, the S&P 500 closed down 0.9% overnight. The local market closed flat with five sectors closed down and five up, pushing the week’s losses to 4.8%, the worst weekly fall since May 2012.

Financial stocks weighed heavily on the market. Australia’s biggest market cap company, the Commonwealth, fell 5.6% over the five days to close at $80.29. The NAB dropped 7% to $31.85, as did Westpac, closing the week at $31.19. The ANZ lost 6% to close at $31.17.

Most of the miners had a better final session to the week. Rio Tinto ended Friday up 0.49% to $57.02 and Fortescue Metals was up 1.45% to $2.32. However, BHP was down 0.68% on the day with the stock well under $30 at $27.90.

The top stories for Friday:

1. BHP is in talks with European oil and gas companies on a possible global carbon emissions trading scheme.

2. $5.5 billion. NAB completes Australia’s biggest corporate capital raising of $5.5 billion so it can float off its UK business.

3. Goldman Sachs says changing the risk profile of Australia’s Significant Investor Visa scheme so that 40% of the $5 million payment is diverted towards higher risk opportunities could quadruple the nation’s venture capital pool to $500 million.

4. One of the last big corporate players of the 1980s has departed. Alan Bond died today aged 77, his family said.

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