The Australian share market has slipped into the red with strong gains among energy stocks failing to offset falls across the financials.

The local bourse opened higher after US stocks climbed overnight on a bounce in oil prices and a strong quarterly earnings report from Facebook.

But it has since slipped into the red despite strong gains among energy stocks.

A mix performance from the financial stocks and losses among health stocks and the supermarket giants are weighing on the market.

At 1200 AEDT, Woodside Petroleum was up 82 cents to $27.19, Santos was up 10 cents to $3.04 and Oil Search was 19 cents higher at $6.29.

Three of the big banks were lower, with National Australia Bank the only gainer.

The health and consumer stables sector are also down with Ramsay Health shedding 45 cents to $60.45 and major retailer Woolworths down 1.31 per cent and rival Wesfarmers down 0.45 per cent.

Shares in Shine Corporate suffered a steep fall after the law firm slashed its full year earnings guidance by about 50 per cent.

Shine was down $1.405, or 70.25 per cent, to 59.5 cents.

KEY FACTS:

* At 1200 AEDT on Friday, the benchmark S&P/ASX200 index was down 14.7 points, or 0.30 per cent, at 4,961.5 points.

* The broader All Ordinaries index was down 12.4 points, or 0.25 per cent at 5,015.7 points.

* The March share price index futures contract was down 15 points at 4,910 points, with 17,012 contracts traded.

* National turnover was 692 million securities traded worth $2.4 billion.