The share market was flat at noon despite falls on global markets due to an escalation of conflict in Ukraine.
Ukraine and the West say Russian troops are actively involved in the fighting, raising fears of a direct military confrontation between Kiev and its former Soviet master.
Although Wall Street retreated on news of events in Ukraine, it did partially recover on the release of good US economic data, Lonsec senior client adviser Michael Heffernan said.
“I think that has given a lot of heart to our market,” he said.
“I think we’ve shrugged off the Ukraine situation.”
The big four banks and Telstra were higher, while the mining sector, and the two major supermarket owners, were weaker.
Woolworths was down 44 cents at $36.51, despite reporting 8.5 per cent profit growth and forecasting moderate growth in the year ahead.
The company’s sales had disappointed, Mr Heffernan said.
Coles owner Wesfarmers was down $1.285 at $43.38.
Harvey Norman was 18 cents higher at $3.47 after lifting its annual profit and sales.
Among the major banks, National Australia Bank had climbed 38 cents to $35.15 after saying it will float its US subsidiary and focus on its core Australian and New Zealand operations.
Commonwealth Bank was up nine cents at $81.23, ANZ had gained two cents to $33.39 and Westpac was three cents higher at $35.04.
Telstra was up 3.5 cents at $5.575.
Lower iron ore prices again weighed on miners, with BHP Billiton down 29 cents at $36.59, Rio Tinto down 59 cents at $62.47 and Fortescue Metals 2.5 cents weaker at $4.115.
Virgin Australia had edged a quarter of a cent higher to 40.75 cents despite its annual loss growing to $356 million.
Qantas shares continued to rise after reporting a $2.8 billion loss, up 7.25 cents to $1.4575.
KEY FACTS
* At 1212 AEST on Friday, the benchmark S&P/ASX200 index was down 3.1 points, or 0.06 per cent, at 5,621.3 points.
* The broader All Ordinaries index was down 1.5 points, or 0.03 per cent, at 5,619.8 points.
* The September share price index futures contract was down seven points at 5,602 points, with 9,317 contracts traded.
* National turnover was 929 million securities worth $3.1 billion.
