The major banks led the market losses this week. Commonwealth Bank fell 0.9 per cent to $98.59, ANZ declined 1.7 per cent to $27.85, Westpac dipped 1.1 per cent to $25.37 and NAB closed 0.6 per cent to $26.08.
A number of other blue chips were also dragged lower through the week. Wesfarmers fell 1.7 per cent to $58.00, Macquarie Group slid 1.7 per cent to $154.19 and Telstra dipped 1.1 per cent to $3.75.
Tech stocks were among the markets worst performers, as growth stocks were hit hard. Xero fell 2.4 per cent to $134.28, Appen dipped 9 per cent to $12.39, Megaport slid 5.7 per cent to $16.32and WiseTech Global lost 4.1 per cent to $30.63.
Health care stocks were also weaker. CSL declined 3.1 per cent to $275.47, Polynovo dipped 13.4 per cent to $2.33, Clinuvel Pharmaceuticals fell 10.1 per cent to $27.06 and Nanosonics lost 8.9 per cent to $5.14.
Tabcorp shares dipped 8.1 per cent to $4.78 after announcing its plans to separate its booming lotteries and keno enterprise from its core gaming and media arm after a strategic review.
Crown Resorts was also hit hard, falling 7.8 per cent to $10.99 after the royal commission into the company revealed it may have short-changed the state government as much as $200 million. It also said it expects to post a loss this financial year, driven by costs associated with lockdowns and the two royal commissions.
The major iron ore miners supported the market this week, as the price of the bulk commodity rose above $US220 a tonne. BHP Group rose 1.9 per cent to $49.48 and Fortescue Metals Group firmed 1.2 per cent to $23.87. Rio Tinto edged 0.2 per cent lower to $125.40.
Sydney Airport soared 33 per cent to $7.73 this week after receiving an unsolicited $22 billion takeover bid from a consortium of investors including IFM Investors, Queensland superannuation fund QSuper and US-based Global Infrastructure Partners. A consortium led by Macquarie Group was also reportedly considering a rival offer. Auckland Airport also traded higher on that news, rising 4.2 per cent to $6.98.
A2 Milk advanced 10.4 per cent to $7.20 after it got the tick of approval from the New Zealand Overseas Investment Office to purchase a 75 per cent interest in dairy nutrition business Mataura Valley Milk.
Challenger climbed 6.7 per cent to $5.88 after Bermuda-based life assurance group Athene bought a long-held 15 per cent stake in the annuities provider from Sydney-based fund manager Caledonia Investments on Wednesday for $720 million.

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