The share market has pulled back from a solid start to be relatively flat at noon.

IG market strategist Stan Shamu said weakness among the banks had changed the direction of the market.

He said there appeared to be no new reason for the bank sell-off other than the general nervousness that had recently surrounded the sector.

“There are not a lot of themes going on. It’s just very choppy trading across the board,” Mr Shamu said.

Elsewhere in the market, energy stocks were higher on the back of the stronger oil price, and the big miners were mixed.

At 1200 AEST, oil and gas producer Woodside Petroleum had gained 75 cents at $35.62, and Santos had advanced 12 cents to $8.03.

BHP Billiton was up nine cents at $29.33, its spinoff South32 was 1.5 cents lower at $2.355, Rio Tinto had gained six cents at $56.96, and Fortescue Metals was 3.5 cents lower at $2.085.

Among the major banks, Commonwealth Bank was 47 cents lower at $83.09, ANZ had eased 13 cents to $32.09, Westpac had dipped 5.5 cents to $32.595, and National Australia Bank was down 16 cents at $33.22.

Luxury fashion retailer Oroton dumped 26 cents, or 10.16 per cent, to $2.30 after cutting its earnings forecast.

On Wall Street overnight, the S&P 500 closed at a new record following strong earnings from Best Buy and news that CVS Health would acquire senior pharmacy services company Omnicare for $US12.7 billion.

KEY FACTS

* At 1204 AEST on Friday, the benchmark S&P/ASX200 index was up 5.3 points, or 0.09 per cent, at 5,667.6 points.

* The broader All Ordinaries index was up 5.9 points, or 0.1 per cent, at 5,669.5 points.

* The June share price index futures contract was eight points higher at 5,674 points, with 8,690 contracts traded.

* National turnover was 771.8 million securities worth $1.35 billion.