Australian shares soft, shadowed by Greek debt

Australia's Resource and financial sectors reversed Thursday's positive momentum, pulling the Australian market back to close slightly lower in Friday's session.

The Benchmark S&P/ASX 200 slipped 0.21 percent to 5,545.3, joined by the broader All Ordinaries index, falling 0.19 per cent to 5,552.1.

Investor confidence was shadowed by looming concerns of a Greek debt deal. Thursday's market bounce of 1.4 percent, its best session in over two months was not convincing enough to hold positions.

Overall, the benchmark index moved slightly higher for the week, gaining 0.85 percent or 46.8 points over the four sessions.

Rivkin chief executive Scott Schuberg told Business Review on Friday traders were not convinced the Australian market was ready to retrace last week's 300-point loss, even after the previous day's rally.

"Many are setting up short positions with the hope that the sell-off resumes," Schuberg said. "We are still in a downward trend. Plus, there's probably a bit of risk removal ahead of the weekend -- the Greek talks will continue and there are some who are anticipating more volatility following those."

Westpac fell 0.9 percent, ANZ slipped 0.3 percent and the National Australia Bank lost 0.8 percent.

BHP Billiton lost 1.2 percent while Rio Tinto fell 0.6 percent.

Rio Tinto subsidiary Energy Resources Australia lost 48.26 percent after abandoning plans to expand its controversial Ranger uranium mine amid depressed uranium prices.

Among the gainers was Sonic Healthcare, up 2.7 percent, Origin Energy rallying 1.3 percent and James Hardie gaining 2.1 percent. Endi