Aussie stocks take wait and see start to trade

The Australian market has opened virtually flat on Friday following a mixed session in U.S. markets overnight as traders make stock specific moves awaiting a broader play.

At 1014 local time (AEST), the benchmark S&P/ASX 200 index was up 0.8 points. Or 0.01 percent at 5,360.1 points, while the broader All Ordinaries index was up 2.6 points, or 0.05 percent at 5426.0 points.

Though the local market experienced some early volatility, there weren't any big moves as traders take a wait and see approaching heading into the weekend, CMC Markets chief market analyst Ric Spooner told Xinhua. China is set for a data dump of April's economic activity on Saturday (AEST).

"There's a bit of nervousness in the materials sector," Spooner said. "We saw a weakness in metals prices (with) Chinese steel rebar futures breaking support and copper down."

The rest of the market is virtually flat, though energy stocks are also seeing some weakness despite oil nudging higher overnight.

"We're in very much the same sort of mode (as U.S. equities overnight)... no major directional moves, it's all very stock specific," Spooner said.

In early trade, ANZ is down 0.29 percent, the National Australia Bank lost 0.05 percent, Westpac slipped 0.03 percent while the Commonwealth Bank of Australia was up 0.04 percent.

BHP Billiton fell 2.10 percent, rival Rio Tinto was 1.98 percent weaker while gold miner Newcrest dropped 2.62 percent.

Oil Search had lost 1.17 percent, Santos retreated 1.87 percent and Woodside Petroleum has slid 0.92 percent.

Wesfarmers is up 0.05 percent though rival Woolworths was 1.21 percent lower.

Qantas and Telstra were both flat in early trade. Endit