Market Wrap / banks tank

Despite a positive start, the sellers once again moved into the local market during Friday's trade. The S&P/ASX 200 closed lower by 35.10 points or 0.4% to 8294.10, weighed down by the banks. Over the course of the week, the market rose 0.5%.

The financial sector shed 1.2% while 10 out of the 11 sectors also closed in the red.

Westpac lost 1.7% as Morgan Stanley downgraded it to underweight. Shares in ANZ fell 0.3% as Morgan Stanley upgraded it to an equal-weight rating.

A rise in iron ore prices pushed the materials sector higher by 1%. Iluka Resources gained 5.3% on a positive broker recommendation.

Elsewhere, Star Entertainment’s lenders warned the Sydney and Gold Coast casino owners could be in voluntary administration within months. It was again the day’s biggest laggard down 15.4%. Shares in Insignia Financial gained 2%; it's denied media reports of a third takeover suitor.

Unibail-Rodamco-Westfield announced it sold a 25% stake in one of its European retail centres. The Westfield-operator says it will use the proceeds from the sale to reduce debt. Its ASX-listed CDIs fell.

Tonight, the US non-farm payrolls data is due. Ahead next week, local December jobs data is released.