The Australian share market slipped into negative territory by noon as falls by insurance stocks and manufacturers outweighed higher energy stocks.
Profit downgrades by building materials producer Boral and mining equipment maker Bradken highlighted the morning's session.
At 1200 AEST on Friday, the benchmark S&P/ASX200 index was down four points, or 0.09 per cent, at 4,358.7 points, while the broader All Ordinaries index was down 4.2 points, or 0.09 per cent, at 4,437.1 points.
Both indices had opened slightly higher.
On the ASX 24, the June share price index futures contract was nine points lower at 4,363 points, with 11,973 contracts traded.
"The downgrades from Bradken and Boral could be the start of a confession season, but hopefully not," Burrell Stockbroking director Richard Herring said.
"It's been events out of their control to a certain extent, certainly Boral."
Boral was the worst performing stock in the top 100 after it cut its full year profit guidance by $22 million due to the impact of heavy rain and weak housing activity on its operations.
Shares in Boral were down 12.5 cents, or 3.3 per cent, at $3.68.
Bradken made a significant cut to its full year profit guidance due to increased costs and lower sales in its rail division.
Its shares were down 76 cents, or nine per cent, at $7.70.
Insurer and financial services firm AMP was another stock to post a heavy fall, down 10 cents, or 2.3 per cent, at $4.23.
But Oil Search was up 37 cents, or 5.3 per cent, at $7.36 a day after discovering more gas in a project in Papua New Guinea.
The big resources and banking stocks were relatively flat.
"Volumes are exceptionally light, so I think the balance of the day would not be too dissimilar to that trend," Mr Burrell said.
"I can't see anyone getting too excited coming into the weekend."
At 1205 AEST, $1.35 billion in shares had traded hands.