The Australian stockmarket has closed lower on Friday, paring weekly gains as miners and energy stocks posted losses.

At the 1615 AEST official market close, the benchmark S&P/ASX200 index had slumped 0.47 per cent to 4,560.3 points. The broader All Ordinaries index fell 0.44 per cent to 4,600.7 points.

'Most of the damage has come from the energy and materials sectors, which were weaker throughout the day,'' according to IG Markets strategist Ben Potter.

''Financials had some early gains, but they have given most of those up.''

Among the major sectors, materials fell 0.7 per cent, energy shares dropped 1 per cent and financials slipped 0.2 per cent.

Mr Potter said the market did not open as strongly as anticipated and did not react as bullishly as it could have to lower-than-expected China trade surplus data.

Financial stocks fell, with most of the major banks closing weaker.

National Australia Bank backpedalled after advancing on Thursday and shed 17 cents to $24.67. ANZ took off 5 cents at $23.71, Westpac slumped 4 cents at $22.94 and Macquarie Group slid 18 cents at $34.44. Commonwealth Bank bucked the trend as it looked up 18 cents at $52.67.

Resources stocks gave up gains, with the large miners closing the day mixed.

Market heavyweight BHP Billiton lost 0.57 per cent at $37.96 following the release of Chinese reports that said the its $43 billion bid for Potash Corp risks creating a monopoly that will threaten all food-producing countries.

Rival Rio Tinto added 0.47 per cent to $74.25, while Fortescue Metals Group lost 2.23 per cent to $4.81.