The Australian stock market was flat at noon, with gains by big miners offset by weakness in the financial sector.
The market opened about 0.3 per cent firmer as investors took their cues from a positive lead from Wall Street, but shares drifted back slightly during the morning.
Trading conditions were quiet as market players waited for Chinese economic data due to be released on Saturday, RBS Morgans private client adviser Craig Walker said.
"The market seems really to be sitting on its hands ahead of the Chinese manufacturing PMI, which doesn't come out until tomorrow," Mr Walker said.
"The market is pretty flat ahead of economic data tomorrow."
Gold was the best performing sector at noon, due to strong rises in the price of the precious metal.
Newcrest shares were up 13 cents at $14.55.
BHP was up 50 cents at $34.96, while Rio had climbed $1.18 to $55.14.
The banks, however, were lower.
ANZ was five cents weaker at $27.48, CBA was down 31 cents at $67.30, NAB had fallen 35 cents to $28.97 and Westpac was 47 cents lower at $28.39.
Mr Walker said the sell off of high-yielding stocks in recent times, such as the banks or Telstra, may have come from offshore given the recent slide in the value of the Australian dollar.
"We have seen gains in the value of some of these stocks but if you are an overseas investor that can be wiped away or be impacted severely if the currency goes against you," Mr Walker said.
"As far as retail investors are concerned, I still think they are quite keen on yield."
Telstra was down four cents at $4.73.
* At 1203 AEST on Friday, the benchmark S&P/ASX200 index was up two points, or 0.04 per cent, at 4,932.7 points.
* The broader All Ordinaries index was up 1.6 points, or 0.03 per cent, at 4,918.7 points.
* The June share price index futures contract was down one point at 4,941 points, with 12,900 contracts traded.
* National turnover was 655.5 million securities worth $3.7 billion.