Australian shares suffered a weekly loss led by a slide in market heavyweight BHP that, together with the ongoing malaise in commodities, weighed very heavily on the materials sector.

The week also witnessed massive destruction of shareholder value at law firm Slater and Gordon, with three-quarters of its market capitalisation being wiped out following legislative changes in the UK.

The benchmark index and the broader All Ordinaries Index each fell 0.5 per cent to 5806.2 points and 5841.7 points, respectively. Credit:Nic Walker

Initially on Friday, the market was headed for a small weekly gain following strong leads from overseas, but sentiment faded over the course of the session.

The ASX200 finished 0.1 per cent lower on Friday and 1 per cent lower for the week at 5202.6, while the All Ordinaries slipped 0.1 per cent for the day and 1 per cent for the week to 5251.4.