The share market has fallen slightly, as early gains by retailers and banks faded during a subdued holiday season trading session.
Retail stocks were the best performers when the market re-opened after a two day Christmas break, on the back of reports of healthy spending in the first day of Boxing Day sales.
The Australian Retailers Association said more than $2 billion was spent by consumers on Boxing Day, and it forecasts spending in the coming weeks will be greater than in the same holiday period a year ago.
Shares in Australia’s biggest retailers were the best performers on the market in the first hour of trade, but those gains waned as the session continued.
Myer shares closed one cent higher at $2.74 and David Jones gained two cents to $3.01.
But Harvey Norman dropped one cent to $3.14 and JB Hi-Fi shed 13 cents to $21.25.
Woolworths added one cent to $33.71 and Coles owner Wesfarmers gained 25 cents to $44.04.
Early gains by the big four banks also faded.
Commonwealth Bank gained 15 cents to $77.31, ANZ added three cents to $32.16, National Australia Bank shed eight cents to $34.70 and Westpac was five cents lower at $32.09.
The market was given a positive lead from Wall Street, which rose after a drop in first-time claims for unemployment benefits in the US.
Higher commodity prices benefited the resources sector, with BHP Billiton adding 26 cents to $37.55 and Rio Tinto gained 52 cents to $67.36.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was down 3.1 points, or 0.06 per cent, at 5,324.1 points.
* The broader All Ordinaries index was down 1.6 points, or 0.03 per cent, at 5,323.8 points.
* The March share price index futures contract was 11 points lower at 5,305 points, with 12,580 contracts traded.
* The price of gold in Sydney was $US1,212.80 per fine ounce, up $US13.25 on Tuesday’s closing price of $US1,199.55.
* National turnover was 777 million securities worth $1.65 billion.
