The Australian sharemarket notched its first weekly drop since early April as a rebound in bank shares on Friday fell short of reversing the week’s steep losses.

The S&P/ASX 200 Index climbed 0.5 per cent, or 39.5 points, to 8231.2 points. However, the bourse slipped 0.1 per cent over the week, driven by a sell-off in banks following lacklustre results from Westpac and ANZ.

Nine of the index’s 11 sectors were in the green on Friday afternoon, with banks and technology leading gains.

On Wall Street, stocks rallied after US and UK officials announced a trade framework that will see tariffs on British exports to America – including cars, steel and aluminium – lowered or scrapped.

US Treasury Secretary Scott Bessent will hold talks this weekend in Switzerland with representatives from China. Iron ore and oil, of which China is a major importer, advanced amid optimism that the nations could announce a reduction in tariffs. Bitcoin held above $US103,000 – a fresh three-month high.

In Australia, bank shares were bolstered by the risk-on sentiment. Macquarie reported a near 6 per cent rise in its full-year profit; the bank’s shares jumped 3.8 per cent to $203.31. Commonwealth Bank lifted 0.9 per cent to $167.04, while ANZ headed down to buck the trend.

Energy shares rallied, with Woodside Energy advancing 1.4 per cent to $20.40, tracking higher oil prices. Miners ignored the rebound in iron ore futures, with BHP down 1 per cent to $37.54.

Stocks on the move

In corporate news, CoStar struck a deal to buy real estate classifieds platform Domain Holdings for $3 billion after months of negotiations. Domain, majority-owned by Nine Entertainment, rose 3.1 per cent to $4.38. Nine jumped 6 per cent to $1.58.

Healius posted the biggest loss, diving 25 per cent to $1.16 after the healthcare stock went ex-dividend.

REA Group edged down 2 per cent to $244.97 on news of Domain’s deal and despite posting an 18 per cent jump in commercial revenues in the nine months to March.

And Chrysos Corporation surged 17.9 per cent to $4.87 after inking a deal with the world’s largest gold miner, Newmont, to deploy its minerals analysis tool across Newmont’s operations.