The ASX fell on the final trading day of the week, as a gloomy outlook for Wall Street trading ahead of a key jobs report pushed the bourse lower.

The S&P/ASX 200 Index reversed modest gains earlier in the session to close at 8294.1 points, down 0.4 per cent, or 35.1. The index rose over five days, trading 0.5 per cent higher after reversing some gains on Friday.

S&P 500 futures were 0.2 per cent lower coming into Friday’s session (Saturday AEDT), as traders anticipate a strong US jobs report on Friday that could stoke fears around the state of the economy. The Australian dollar ended the week 0.4 per cent lower against the greenback, touching a new two-year low of US61.70¢ overnight on Thursday.

Ten of the sharemarket’s 11 sectors closed in the red on Friday.

Banks led the sharemarket lower ahead of the US jobs report. Westpac fell 1.7 per cent to $32.60 after analysts at Morgan Stanley downgraded the bank. Commonwealth Bank fell 1.7 per cent to $156.05, NAB fell 1.1 per cent to $37.95 and Macquarie fell 1.2 per cent $231.20. ANZ’s losses were less severe than its fellow big four banks on Thursday after Morgan Stanley upgraded the bank to “equal weight”, with a price target of $27.80. Shares edged 0.3 per cent lower to $29.29.

Miners closed higher, buoyed by strength in iron ore prices. Iron ore futures in Singapore added 1 per cent to $US97.40 overnight on Thursday, then traded flat for much of Friday’s session. Rio Tinto rose 2.2 per cent to $119.04 and BHP added 1 per cent to $39.68.

Stocks in focus

In corporate news, Star Entertainment fell 15.8 per cent, extending heavy losses in the previous session. Shares were down 42 per cent this week as concerns grow about the viability of the embattled casino operator, which warned late on Wednesday that it had just $79 million in cash on hand.

Insignia Financial rose 2 per cent to $4.12 after denying reports in The Australian newspaper that Brookfield was weighing up a bid for the wealth giant. On Monday, CC Capital put forward a $2.9 billion cash offer rivalling a separate offer from Bain Capital. Shares have risen more than 15 per cent since CC Capital brought forward the bid.