Australian shares closed at their weakest level in more than six weeks on Friday, pressured by a sharp decline in Macquarie Group and losses across major banks and resources stocks.

The S&P/ASX 200 index fell 0.7% to 8,769.70, marking its lowest close since September 24 and a second consecutive weekly loss.

Macquarie Group (MQG) tumbled 5.7% to a six-month low after reporting a first-half profit miss, driven by weakness in its commodities and markets trading division. Analysts at Citi said that while the market anticipated softer results, “the extent of the miss will still come as a surprise.”

The financials sub-index (XFJ) dropped 1.3%, dragged lower by Macquarie’s slide, although it ended the week 1.4% higher, supported by gains earlier in the week in Commonwealth Bank of Australia (CBA) and Westpac (WBC). Both banks fell on Friday — CBA down 1.5% and Westpac 1.8% — but remained on track for weekly advances.

The resources index (XMM) slipped 0.7%, losing 2.7% over the week, as gold prices paused and iron ore continued to weaken. Mining majors BHP and Rio Tinto declined 0.8% and 1.3%, respectively.

Technology stocks (XIJ) fell 2.3% to a six-month low, tracking Wall Street’s declines amid renewed concerns about high valuations in AI-linked companies.

Block’s local shares plunged 15.8% to a five-month low after missing third-quarter profit estimates, while Qantas Airways (QAN) shed 6.6%, also hitting a six-month low following a forecast cut due to weaker corporate demand and rising costs.