The Australian stock market is lower, with strong gains in resources stocks offset by falls elsewhere.
IG market strategist Evan Lucas said the market spent the morning in the red following a soft lead from the US where disappointing earnings results from Citigroup and Goldman Sachs weighed on the market.
But, he said, while financial, consumer discretionary, health care and industrial stocks were all lower, there had been strong gains in resources companies.
"There's an interesting thing going on there: you are seeing the defensive plays in the red and the mining stocks and cyclical stocks in the green," he said.
Mr Lucas said the materials and energy sectors had been buoyed by strong production reports from Rio Tinto and Woodside Petroleum on Thursday as well as a slide in the Australian dollar.
BHP Billiton was among the strongest performers, with its shares up 89 cents, or 2.5 per cent, to $37.77, while Rio was up 86 cents to $66.44 and iron ore miner Fortescue was 13 cents higher at $5.66.
Oil giant Woodside Petroleum was 35 cents higher at $38.98, and Santos had gained 13 cents to $14.50.
The big for banks were lower, with the Commonwealth down 28 cents at $75.52, ANZ 16 cents worse off at $30.90, Westpac dropping 22 cents to $31.60 and NAB falling 28 cents to $33.81.
Telstra was three cents lower at $5.25.
Meanwhile, shares in Super Retail Group were down $1.99 to $10.58 following a disappointing sales result.
- At 1200 AEDT on Friday, the benchmark S&P/ASX200 index was down 9.4 points, or 0.18 per cent, at 5,299.7 points.
- The broader All Ordinaries index was down 9.1 points, or 0.17 per cent, at 5,310.3.
- The March share price index futures contract was 11 points lower at 5,260, with 12,995 contracts traded.
- National turnover was 713 million securities worth $1.58 billion.