Australian shares hit four-month low

Australian shares skidded on Friday after Wall Street fell for the eighth straight session ahead of next week`s hotly contested US presidential election.

The S&P/ASX 200 index fell 0.7 per cent, or 36.65 points to 5,188.90 by 0100 GMT. Earlier, it hit its lowest in nearly 4 months, weighed down by losses in financial and energy sectors.

The benchmark index is on track for a loss of 1.8 per cent for the week.

Financial stocks were among the biggest losers, with the S&P ASX 200 Financials (GIC) down 1.2 per cent.

National Australia Bank Ltd dropped 5.5 per cent as shares trade ex-dividend, while Commonwealth Bank of Australia declined 0.8 per cent.

The S&P ASX 200 Energy (GIC) declined 1.2 per cent after global oil prices dropped over a record weekly surge in US crude inventories.

Index heavyweight Woodside Petroleum Ltd fell 1.0 per cent, while Origin Energy Ltd was down 2.3 per cent.

Mayne Pharma Group Ltd slumped 13.8 per cent after it issued an update of an investigation by the US Department of Justice (DOJ), according to a news agency report.