Black week for miners weighs on market The worst performing sector, mining, dragged on the local index. The Markets Live blog will be back on Monday Shares fell over the week as iron ore and coal miners, Australia's largest exporters, got smashed five days in a row. The S&P/ASX 200 Index lost 0.7 per cent over the week to close at 5312.4 points, while the broader All Ordinaries Index also lost 0.7 per cent to 5316.3. Local equities lost ground over the week despite a positive lead from the United States where the S&P 500 and Dow Jones were both trading higher amid expectations official employment figures will exceed expectations. On Friday, the benchmark index fell 12 points, or 0.2 per cent, while the broader All Ordinaries Index also fell 0.2 per cent to 5316.3. Investors were cautious ahead of the release of US non-farm payrolls data due for release after the local market closed. Mining was the worst-performing sector over the week, down 3.6 per cent as weaker commodity prices and a slew of disappointing economic data releases in China weighed on the countries biggest miners. Economic indicators out of China, the biggest market for Australia's resource exports, that came in below expectation over the week included measures of services sector activity, inflation and trade balance figures. But looking ahead for 2014, BlackRock head of fixed income Stephen Miller said the risks from China were "pretty evenly balanced." China is implementing structural reforms that will incur some temporary pain but reap long term benefits. It would be more concerning if the government dragged the chain on reforms. We expect China to post healthy annual growth of 7.5 per cent," Mr Miller said. Resources giant BHP Billiton lost 3.6 per cent to $36.44 as coking coal prices rose but crude oil and iron ore prices fell over the week. The spot price of iron ore, landed in China, dropped to $US131 per tonne. Iron ore focused rival Rio Tinto fell 7.1 per cent to $63.65, while the nation's third biggest iron ore miner Fortescue Metals Group shed 11.1 per cent to $5.20. Junior iron ore miners were among the biggest losers with heavy falls from Atlas Iron, BC Iron, Mount Gibson and Arrium. Embattled mining services contractor Forge Group was one of the most volatile stocks before it entered a trading halt on Friday, ahead of a market announcement. The stock was last priced at $1.25. "Plans from the big miners to keep cutting costs mean it is probably still too early to get back in to mining services stocks, however due to price falls it is an area we are keeping a close eye on," Pengana Capital Australian Equities Fund portfolio manager Anton Du Preez said. The big four banks were split over the week. Commonwealth Bank edged higher at $77.60, while National Australia Bank edged up to $34.57. Westpac fell 0.4 per cent to $32.22, while ANZ lost 2 per cent at $31.56.