The Australian share market has notched its fourth weekly decline on the back of a negative overnight lead from the US, with the big banks, major miners and tech stocks weighing on the bourse.

The local market opened at the lowest level since June 30 but managed to claw back some ground before close.

The S&P/ASX200 finished 0.83 per cent lower at 5859.4, while the All Ordinaries Index slid 0.84 per cent to 6038.9.

US stocks fell overnight amid weak labour market data and a lack of progress on another fiscal stimulus bill in Washington, with tech stocks leading the falls, down around 2 per cent.

Local tech stocks followed suit, with buy now pay later company Afterpay down 2.3 per cent to $73.87.

Aerial mapping outfit Nearmap dropped 14.88 per cent to $2.46 after completing a $72 million institutional raising, while non-executive director Ross Norgard sold about 15 per cent of his holding in the company.

Rio Tinto shed 0.59 per cent to $99.86 after chief executive Jean-Sebastien Jacques said he would leave “by mutual agreement” in the wake of the Juukan Gorge scandal. The company’s iron ore boss and head of corporate affairs are also stepping down.

Rio Tinto chief executive Jean-Sebastien Jacques is departing after a shareholder revolt over the mining giant’s handling of the Juukan Gorge controversy. Picture: AAP/Will Russell
media_cameraRio Tinto chief executive Jean-Sebastien Jacques is departing after a shareholder revolt over the mining giant’s handling of the Juukan Gorge controversy. Picture: AAP/Will Russell

Fellow major miner BHP was down 1.16 per cent to $36.55, while Fortescue fell 3.07 per cent to $17.34.

ANZ eased 1.02 per cent to $17.53, Commonwealth Bank gave up 1.38 per cent to $65.80, National Australia Bank slid 0.98 per cent to $17.15 and Westpac retreated 1.12 per cent to $16.81.

Nickel miner IGO Ltd announced it is considering selling its 30 per cent stake in the huge Tropicana gold mine in Western Australia, saying it is not getting enough value from the asset despite high prices for the precious metal.

Shares in the company rose 2.05 per cent to $4.49.

Whitehaven Coal jumped 5.9 per cent to 89.5 cents for no glaringly obvious reason.

Bunnings owner Wesfarmers inched 0.62 per cent lower to $45, airline Qantas dropped 2.3 per cent to $3.82 and Telstra declined 1.04 per cent to $2.85.

The Aussie dollar was buying 72.79 US cents, 56.8 British pence and 61.48 Euro cents in afternoon trade.

Originally published as Fourth straight weekly loss for ASX

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By admin