The local share market closed lower as traders took profits from four days of gains ahead of an important US jobs report.
The benchmark S&P/ASX200 index on Friday finished 27 points lower, or 0.37 per cent, at 7,278.3, while the broader All Ordinaries dropped 27.9 points, or 0.37 per cent, to 7,489.9.
For the week, the ASX gained 2.3 per cent, its best week since a 3.7 per cent gain the week of July 10-14.
In the US, the Labor Department was set to release a monthly labour market report known as non-farm payrolls late on Friday AEST, data that typically influences both currency and equity markets.
Domestically the Australian Bureau of Statistics reported the value of new Australian home loans declined 1.2 per cent in July to be 14.1 per cent lower through the year.
CommSec chief economist Craig James said the data showed higher interest rates were working as they should, resulting in fewer borrowers and supporting a continued pause in rate hikes by the Reserve Bank next week.
Mr James said a look back at Australian earning season, which ended on Thursday, showed resilience from businesses in the face of challenging conditions.
"There has been a surprising number of companies that have expressed confidence in the future," Mr James said, pointing to JB Hi-Fi, Carsales.com, aftermarket auto companies Bapcor and GUD, sneaker retailer Accent Group and luxury fashion e-retailer Cettire.
Eight of the ASX's 11 sectors finished lower on Friday. The two biggest movers were energy, which gained 1.6 per cent, and health care, which dropped 1.4 per cent.
In the heavyweight mining sector, Fortescue Metals fell 5.3 per cent to a three-month low of $20.30 after losing its 11th senior executive in the past three years.
Chief financial officer Christine Morris's departure follows that of CEO Fiona Hicks, whose abrupt exit was announced on Monday after less than six months in the job.
Former Reserve Bank of Australia deputy governor Guy Debelle also left his role on the board of Fortescue's green energy arm on Thursday to take a similar role at Tivan, a $120 million critical minerals company whose shares soared 33.3 per cent to a two-month high of 7.6c on the news.
Elsewhere in the sector, BHP dipped 0.3 per cent to $44.74, Rio Tinto added 1.2 per cent to $114.23 and Bluescope Steel gained 2.1 per cent to $21.44.
Santos gained 1.8 per cent to $7.81 after restructuring its sale of a minority interest in its Papua New Guinea LNG project to PNG's national oil company.
Kumul Petroleum will now buy a 2.6 per cent stake in PNG LNG for $US736 million, rather than a five per cent stake for about twice that, after Kumul apparently had trouble lining up financing.
Santos CEO and managing director Kevin Gallagher said the restructured transaction was a "pragmatic solution that provides a clear pathway to completion and builds our strategic alignment with Kumul and our long friendship with PNG, where Santos has been a committed corporate citizen for over 40 years."
All the Big Four banks were lower, with CBA dropping 0.8 per cent to $101.35, ANZ falling 0.6 per cent to $25.17, Westpac retreating 0.7 per cent to $21.79 and NAB dipping 0.2 per cent to $28.90.
Judo Capital rose 3.3 per cent to 95c after disclosing that the business-focused neobank's CEO, Joseph Healy, bought nearly another $1 million worth of shares during a board-approved trading window on Tuesday.
The Australian dollar was buying 64.65 US cents, from 64.81 US cents at Thursday's ASX close.
ON THE ASX:
* The S&P/ASX200 index finished Friday down 27 points, or 0.37 per cent, at 7,278.3.
* The All Ordinaries dropped 27.9 points, or 0.37 per cent, to 7,489.9.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.55 US cents, from 64.81 US cents at Thursday's ASX close
* 93.99 Japanese yen, from 94.50 Japanese yen
* 59.54 Euro cents, from 59.51 Euro cents
* 51.03 British pence, from 51.02 pence
* 108.47 NZ cents, from 108.79 NZ cents
