The major insurers were among the market leaders this week. Suncorp rose 3.5 per cent to $14.07, while Insurance Australia Group lifted 3.3 per cent to $7.20.

A2 Milk shares rose 6.3 per cent to $9.50 after the company reiterated its guidance for the 2019 financial year. The dairy and infant formula company said it had experienced strong gains in both English and China label infant formula products, and its liquid milk products in the United States.

Poor performances in global equities pushed the price of gold higher, rewarding local miners of the precious metal this week. Newcrest Mining rose 3.7 per cent to $20.67, while Saracen Mineral rose 12.7 per cent to $2.39.

The major mining stocks closed the week lower as base metal prices edged lower during the past few days. BHP fell 2.2 per cent to $33.10, South32 slid 3.1 per cent to $3.76 and Rio Tinto closed at $77.45, down 0.7 per cent.

Afterpay Touch shares closed lower, with most of the losses coming from a 19 per cent fall on Wednesday afternoon after news broke that Afterpay would be caught up in a Labour-sponsored Senate inquiry. The inquiry is set to focus on parts of the financial sector not covered by the royal commission. Its shares fell 15.3 per cent to $12.50.

CYBG shares closed the week 9.7 per cent lower at $4.93 after closing its £1.7billion ($3.1 billion) takeover of Virgin Money. A raft of resignations followed the takeover, including Virgin Money's chairman and chief executive.

Stock watch

Woodside Petroleum

Morgan Stanley lifted its price target on Woodside Petroleum, following the energy company's third-quarter production results. While production was in line with the broker's estimates, it said that revenue was slightly higher and exploration expense slightly higher than they were forecasting. It said that production was building at Wheatstone and that momentum at Browse also appeared to be building, causing Morgan Stanley to adjust its risk accordingly. The broker said it remained overweight on the company due to its attractive near-term growth profile, underpinning a solid dividend yield. It said the recent pullback in Woodside's stock price represented a buying opportunity. Assuming a well below spot oil price assumption of $US74 a barrel in 2019, it expects Woodside to generate around a 6.7 per cent dividend yield. It raised its target price on Woodside from $37.50 to $40.00

What moved the market

Gold price

After hitting a more than 18-month low during early August, the price of gold has rebounded to a near three-month high on Friday, as investors look to the precious metal amid increased safe-haven demand. Gold has broken out of its recent narrow trading range and could be set to rise further as the sell-off in equity markets continues. The precious metal is set to record a third straight week of gains on Friday, the longest stretch since January, as demand for gold continues. Investors are also looking towards exchange-traded funds back by gold, fuelling the longest run of gains in holdings since April.

Oil

Oil prices dropped further on Thursday after US crude oil stockpiles rose well above forecasts last week. An internal OPEC report also said that rising crude oil inventories and increased output in the United States could push oil prices down in the weeks to come. "The upward trend in US crude oil production, could be a bearish factor for oil prices in the coming few weeks," the report said. US President Trump also signalled a more conciliatory approach to the US's relationship with Saudi Arabia regarding the disappearance of journalist Jamal Khashoggi, easing concerns of a supply risk in the kingdom.

US dollar

The US dollar lifted overnight against most major currencies except the Japanese yen, as heightened risk aversion pushed investors towards safe-haven investments. US and European equity markets both sold off overnight and US Treasury yields slipped by about 4 basis points. Investor sentiment is being weighed by slow global economic growth, ongoing trade spats between the US and China, and the likelihood that the FOMC increases the funds rate by more than is currently discounted. The US dollar was buying $1.399 late on Thursday but rose through the session to be buying $1.41 on Friday.

China GDP

China's economic growth was slower than expected last quarter, rising 6.5 per cent in the three-months ending September. The government's efforts to tackle debt risks has weighed on growth and the trade war with the US has threatened exports in recent months. Analysts had expected GDP to expand at 6.6 per cent for the third quarter from 6.7 per cent growth from the previous quarter. The result takes the annual GDP growth to its lowest level since the first quarter of 2009. Shares in China extended their losses in early trade on Friday in response but rallied later, with the Shanghai Composite index lifting away from four-year lows.