The Australian stock market closed on a three-week low despite a strong jobs report. The ASX 200 finished down by 43 points or 0.84 percent at 5,037, with most sectors ending in negative territory.
On Thursday the Australian Bureau of Statistics reported that the November unemployment rate in the country fell to 5.8 percent in, 0.1 percent lower from the month before.
The total number of jobs the economy created was 71,400, beating market expectations of a decline of more than 10,000. The majority of the jobs were created in non-mining sectors.
Craig James, chief economist at Commonwealth Securities said in a note "the last time jobs rose by more than 120,000 in the space of two months was 28 years ago."
On the back of the news, the Australian dollar traded higher against the greenback, as investors expected the strong jobs report would spur the Reserve Bank of Australia to hold rates steady, for now.
But the market was not fully convinced.
Major banking stocks trimmed morning losses but still ended in the red. Shares in ANZ down 0.91 percent, Commonwealth Bank of Australia down 1.93 percent, Westpac down 2 percent, and the National Australia Bank traded 1.83 percent lower.
Resources producers had mixed fortunes.
Shares in Rio Tinto and BHP Billiton, Australia two biggest miners, were up 2.4 and 1.86 percent after both companies saw their ADRs soar in New York overnight. This, Evan Lucas, market strategist at spreadbetter IG, suggested, could see "some respite from the sustained selling today for the ASX listings."
However, in the afternoon, iron ore producers saw noticeable sell-offs, after prices for iron ore for immediate delivery to China's Tianjin port fell 1.3 percent to $38.30 a tonne. Shares in Fortescue, Mount Gibson and Atlas Iron were down 1.37, 2.78, and 5.88 percent.
Energy plays had a mixed session. Shares in Santos closed up 0.57 percent while Oil Search and Woodside Petroleum were down 1.1 and 0.67.