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Uncertainty dominated the Australian share market in morning trading, with the bourse edging slightly into the green at noon on low volumes.
At 1200 AEDT, the benchmark SP/ASX200 index was up six points, or 0.12 per cent, to 4,869.1 points, while the broader All Ordinaries index had climbed 7.7 points, or 0.16 per cent, at 4,885.4.
On the Sydney Futures Exchange, the June share price index contract was 12 points higher at 4,891, on volume of 7,524 contracts.
CMC Markets' senior dealer Matt Lewis said the market was stuck in a holding pattern that had dominated the last two weeks of trading, with general uncertainty producing a lack of conviction among investors to take long-term positions.
'We're struggling to see movements greater than 10 points positive or negative, and today's no different,' Mr Lewis said.
'The underlying volume is very lacklustre.
'There are a few clouds hanging over the market... and a few negatives, which is why the trading community is not dipping its toes in.'
Drivers for the conservative holding pattern included uncertainty over Europe's aid package for Greece and the withdrawal of the US government's stimulus package, scheduled for March 31, he said.
'You've got the China Syndrome so to speak. The main concern is what will those measures be (to slow that economy down).
'Any easing there will have a negative impact on our financial sector and our mining sector.'
Macquarie Private Wealth investment adviser, John Milroy, said volumes were slow and there had been some profit-taking.
'Banks are pretty mixed and resource stocks are weaker on the back of some of the overnight metals moves as well,' Mr Milroy said.
Australia's major lenders were mixed, with Commonwealth Bank down 20 cents at $56.41, and Westpac losing seven cents at $27.23.
But National Australia Bank climbed three cents to $26.78 and ANZ Banking Group firmed 10 cents to $24.98.
By 1217 AEDT, the major miners had lost ground, with BHP Billiton easing one cent to $43.15 and Rio Tinto down 59 cents at $76.40.
Oil stocks were mixed, with Oil Search steady at $5.87 while Woodside Petroleum gained 50 cents, or 1.08 per cent, to $46.75 and Santos was up nine cents at $14.31.
The spot price of gold in Sydney was $US1,122.00 per fine ounce at 1218 AEDT, down $US1.50 from Thursday's close of $US1,123.50 per fine ounce.
Lihir Gold firmed three cents to $3.18 and Newcrest Mining fell 16 cents to $33.81.
Among retailers, Woolworths fell 13 cents to $28.63 while Wesfarmers, owner of Coles supermarkets and Bunnings warehouses, gained 56 cents, or 1.8 per cent to $31.67.
Department store owners were weaker, with Myer Holdings Ltd dropping 17 cents, or 4.84 per cent to $3.34 after the company went ex-dividend.
Mr Lewis said the share price fall represented only about half the 10.5 cent dividend.
Myer's rival, David Jones, declined 11 cents, or 2.16 per cent, to $4.98 after receiving mixed broker recommendations, Mr Lewis said.
Telstra firmed two cents to $3.19 after saying there was a significant gap between it and NBN Co on the proposed financial outcome of the proposed national broadband network (NBN).
By 1227 AEDT, the media sector was mixed, with Fairfax Media easing 1.5 cents to $1.775 and News Corporation firming five cents to $18.22, at the same time News's non-voting scrip gaining six cents to $15.36.
Packaging group Amcor Ltd jumped seven cents, or 1.15 per cent, to $6.15 after rejecting the valuation by an expert retained by claimants in a class action against it over alleged price-fixing of the extent of damages at issue in the case.
In other news on Friday, shares in gas explorer Arrow Energy reamined in a trading halt, as the company prepares to release further information on the bid to take it over from energy giants Shell and PetroChina.
Arrow last traded at $5.29.
Shares in uranium miner Energy Resources of Australia gained 15 cents, or 0.76 per cent to $19.89 after it said the market outlook was positive, with stronger prices expected in the long term.
Kilgore Oil and Gas was the top traded stock by volume, with 78.9 million shares traded for a value of $1.8 million.
Kilgore's shares firmed 0.4 cents, or 21.05 per cent, to 2.3 cents, after the company said it would acquire a 51 per cent interest in a coal seam gas project in NSW's Clarence Moreton Basin.
Market turnover reached 1.2 billion shares, worth $1.95 billion, with 498 stocks up, 386 down and 356 steady.
