Australian shares weaken

Australian stocks closed 0.7 percent weaker on Friday as mixed commodity prices and growing concern about the economic cost of severe floods in Queensland state fuelled negative sentiment. Shares in global minder Rio Tinto, which owns 68 percent of ERA, fell 0.3 percent to A$85.82. BHP Billiton lost 1.1 percent.
Financial services stocks were mixed. The big banks ended lower with the exception of ANZ which ended 0.2 percent firmer at A$23.63. The benchmark S&P/ASX 200 index eased 31.19 points to 4,774.9, according to the latest available data. New Zealand's benchmark NZX 50 index added 1.7 points to 3,352.635.