The sharemarket is lower for a fifth straight day in the wake of a surprise move by the Swiss central bank to strengthen its currency.

The Swiss National Bank is abandoning the minimum rate of 1.20 francs against the euro, a ceiling it imposed three years ago to hold down the value of the franc against the currency of the 19-nation eurozone, of which Switzerland is not a member.

The decision has caused jitters amongst investors, but general weakness was also playing a part, with the local market down three per cent for the week amid lower commodity prices, CommSec market analyst Steve Daghlian said.

“It’s still the same negative sentiment across the market at this stage,” he said.

“Commodities are still falling faster than the Aussie dollar is falling so miners and energy stocks are under pressure.”

Mr Daghlian said it has been the worst week for the market since June 2013.

Oil and gas producer Santos had dropped 14 cents to $7.34 and Woodside Petroleum was 79 cents lower at $34.28.

Among the miners, BHP Billiton was up 41 cents at $27.31 and Fortescue Metals was seven cents higher at $2.34, but Rio Tinto was down 17 cents at $54.00.

Gold was a bright spot, with Newcrest up 73 cents, or six per cent, at $12.88.

Among the major banks, ANZ was down 15 cents at $31.34, National Australia Bank had dipped 25 cents to $33.31, Westpac was down eight cents at $32.71 and Commonwealth Bank was 21 cents lower at $83.29.

Telstra was up one cent to reach a fresh 13-year high of $6.21.

KEY FACTS

* At 1200 AEDT on Friday, the benchmark S&P/ASX200 index was down 32.5 points, or 0.61 per cent, at 5,298.8 points.

* The broader All Ordinaries index was down 33.4 points, or 0.63 per cent, at 5,277.2 points.

* The March share price index futures contract was 35 points lower at 5,244 points, with 14,490 contracts traded.

* National turnover was 488 million securities worth $1.3 billion.