Banking sector leads losses as local share market falls for third week

The local share market has finished its third straight week of losses, with most sectors falling broadly.

The All Ordinaries Index closed at 5,018, shedding half a percentage point, while the ASX 200 lost slightly more, to 4,937.

The banking sector lost about 1 per cent, as a royal commission into banking and finance is becoming the latest political football.

Commonwealth Bank closed the week at $70.76, having lost about $3 since Monday.

Westpac declined about $2.50, to close at $28.52. ANZ and the NAB both lost more than 2 per cent of their value.

There was a mixed performance in resources, with Rio Tinto gaining 29 cents to $43.26, and BHP Billiton shedding 21 cents to $16.18.

Newcrest gained 41 cents to $17.53, while Iluka lost 35 cents to $5.82.

About 5:30pm (AEST), the Australian dollar was buying 75.3 US cents.

In commodities, West Texas Crude Oil was higher at $US37 a barrel, while iron ore was flat at $US53.80 a tonne. Gold was weaker at $US1,231 an ounce.

Source: ABC News

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