The market finished the week at 6006.50, down 294.60 points from the previous week's close of 6301.10. On Friday's trade the All Ordinaries finished up 13 points or 0.3 per cent.
ANZ shares took the biggest hit on Monday, falling 2.6 per cent to $26.99 after the lender flagged an $824 million hit to its full-year profit due to impairments and one-off expenses, more than half of it related to customer remediation. NAB was down 1.25 per cent to $26.87, Westpac fell 1.3 per cent to $27.13, and Commonwealth Bank was down 0.9 per cent to $69.35 after announcing it would keep banking services running at Australia Post in an agreement worth $22 million a year.
On Tuesday, it was another tough day on the local market with some predicting it would fall below 6000 percentage points as the two-day slump, combined with a low volume of international buyers, indicated more sell-offs were to come.
High valuation stocks were under real pressure, which was reflected in the shares of top 10 high growth performers, including A2 Milk and AfterPay.
A2 shares were down 3.12 per cent to $9.31.
Meanwhile, in the agriculture sector, the drought has seen farmers destocking their paddocks and sending more animals to the abattoir, with the sheep slaughter rate at a 10-year peak.
On Wednesday, shares in Navitas leapt 21.84 per cent after the Australian education provider received a $1.97 billion buyout offer from a consortium consisting of private equity firm BGH Capital Pty Ltd, fund manager AustralianSuper Pty Ltd and top shareholder Rodney Jones.
On Thursday, telco giant Telstra fell 3.12 per cent after it apologised to shareholders for a lack of clarity about how it calculates executive bonuses, acknowledging that some investors still feel they are too high despite a 30 per cent cut.
Fortescue Metals Group launched a share buyback program of up to $A500 million, joining bigger rival Rio Tinto in handing back cash to shareholders.
Share in FMG were up 2.45 per cent.