Market Wrap / below 8000

The S&P/ASX 200 plummeted below 8,000 points during Friday’s trade, reaching a six-month low of 7,948.2 points, down 1.8%. 

Most sectors closed in the red on a day that also saw Bitcoin reversing course. US President Trump signed an executive order to establish a strategic reserve for Bitcoin, however the US will not sell any Bitcoin deposited in the reserve and will instead keep it as an asset.

The banks dragged the local market down, with CBA shedding 3.3%. 

Insignia Financial climbed 9.9% however, with new non-binding proposals from both Bain Capital and CC Capital for $5 a share.

The local miners followed market sentiment with Rio Tinto’s share price relatively paring losses. It was down 0.2% as Rio also completed the acquisition of Arcadium Lithium for $10.5 billion Australian dollars.

In other company news, Polynovo confirmed 'The Australian' claims on resignation prospects for CEO Swami Raote, following a probe into alleged bullying. The stock was the day’s biggest laggard, down 13%.

Investors will now look at US nonfarm payrolls released in the US tonight.

Optimism for a bounce-back next week might be hindered for some stocks trading ex-dividend including CSL, Qantas, Brambles and WiseTech.