The share market recovered early losses to edge slightly into positive territory as investors searched for stronger direction.
IG market strategist Stan Shamu said economic data out of the United States overnight had been okay but not enough to really drive the local market.
He said investors were still wrestling with concerns over the stability of emerging markets like Turkey, Argentina, South Africa and India, and the latest tapering of US economic stimulus measures.
“This has caused a little bit of uncertainty in markets,” Mr Shamu said.
“Of course, we’ve got the China Lunar New Year break coming up, so activity is a bit low.
“There’s no real risk-on or risk-off theme.”
The US economy grew at a 3.2 per cent annual rate in the final three months of 2013, a positive sign for the US economy in 2014.
Locally, BHP Billiton dropped 12 cents to $36.57, Rio Tinto fell 16 cents to $65.64, but Fortescue Metals added 10 cents to $5.33.
Origin Energy improved four cents to $13.98 after it lifted gas production by 28 per cent.
The major banks were mixed. National Australia Bank eased two cents to $33.25, Westpac dropped two cents to $30.87, Commonwealth Bank firmed three cents to $74.23, and ANZ picked up eight cents at $30.13.
In the retail sector, David Jones shares surged 12 cents to $2.99 after revealing it had recently been approached by rival Myer to consider a merger, which its board quickly rejected.
Myer lost four cents to $2.53.
Beverages supplier Coca-Cola Amatil was off 10 cents at $11.69, after the federal government’s rejection of its request for financial help to restructure its fruit processing business, SPC Ardmona.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was up 1.9 points, or 0.04 per cent, at 5,190 points.
* The broader All Ordinaries index was up 5.7 points, or 0.11 per cent, at 5,205.1 points.
* The March share price index futures contract was five points higher at 5,143 points, with 23,881 contracts traded.
* National turnover was 1.99 billion securities worth $4.9 billion.
