The ASX200 closed down 0.42% at 8,294 points.

Big banks were sold off and mining stock rose to offset the losses.

ANZ became the second big bank to move the timing of the first rate cut forward to February, following the lead of Westpac.

Most sectors retreated to end the week and Financials was the poorest performing sector, down 1.2%, followed by Staples, down 0.9%, and Health Care, down 0.7%.

Materials was the only sector to rise, up 1%.

In the Green

Insignia Financial (ASX:IFL) closed up 2% amid growing takeover speculation. The company received a proposal from CC Capital Partners this week and last month rejected an offer from Bain Capital.

Insignia Financial closed at $4.12.

Rio Tinto (ASX:RIO) finished up 2.2% after Goldman Sachs put out a note this morning. The broker reaffirmed its “buy” rating and increased its price target to $147.80. Based on its current share price, this new price target implies potential upside of approximately 25% for investors over the next 12 months.

Rio Tinto closed at $119.04.

St Barbara (ASX:SBM) closed up 12% following another rise in the gold price overnight. The company’s stock has been sold off recently and bargain hunters may have moved in to drive the share price higher.

St Barbara wrapped up at 28 cents.

In the Red

GQG Partners (ASX:GQG) closed down 5.4% as investors continue to sell the stock after the company its released its latest funds under management (FUM) update, missing the consensus estimate.

GQG Partners closed at $1.83.

Westpac (ASX:WBC) closed down 1.7%, leading the banks and the wider index lower. Westpac was the best performing bank through 2024 with a stunning total return of 53%.

Westpac called stumps at $32.60.

Star (ASX:SGR) shed another 15.4% as investors stampede the exit doors. In a note to investors, Morningstar says Star will be lucky to even make it to the end of February; there is a fifty-fifty chance the company will fall into administration, leading to a wipeout of investors.

Star folded at 11 cents.