At the 1015 AEST official market open, the benchmark S&P/ASX 200 index fell 0.09 per cent to 4,104.9 points, while the broader All Ordinaries Index dropped 0.09 per cent to 4,152.7 points.
Resources stocks led the market stronger, with the major miners making solid gains.
BHP Billiton rose 2.46 per cent to $32.36 after the company agreed a deal with Olympic Dam workers.
Rio Tinto grew 2.63 per cent to $56.88.
Fortescue Metals gained 0.64 per cent to $4.71.
Among gold miners, Newcrest Mining fell 3.60 per cent to $24.85 and Eldorado Gold sank 3.46 per cent to $11.99.
In the energy sector, Woodside dipped 0.12 per cent to $32.73, Santos rose 0.50 per cent to $12.03 and Oil Search inclined 0.15 per cent $6.64.
Santos has confirmed it has sold a stake in Timor Sea fields to conglomerate SK Group.
Financial stocks weakened at the open, with the four banks retreating.
ANZ Banking Group dipped 0.41 per cent to $21.72, while Commonwealth Bank of Australia declined 0.20 per cent to $50.935.
National Australia Bank fell 0.53 per cent to $22.44 and Westpac Banking Corp decreased 0.57 per cent to $20.65.
Investment bank Macquarie Group declined 1.46 per cent to $26.31.
Among insurers, Insurance Australia Group dropped 0.60 per cent to $3.29, Suncorp sank 3.22 per cent to $7.81 and QBE retreated 0.32 per cent to $12.43.
Warren Buffett's Berkshire Hathaway has struck a deal with Suncorp on New Zealand insurance.
In retail, Wesfarmers lost 0.71 per cent to $29.36, while rival Woolworths fell 0.61 per cent to $26.505.
David Jones dipped 0.45 per cent to $2.19, while Myer grew 0.52 per cent to $1.905.
JB Hi-Fi retreated 0.44 per cent to $8.87, while Harvey Norman advanced 0.26 per cent lower to $1.885.
Telstra lost 0.27 per cent to $3.65.
Qantas rose 2.83 per cent to $1.09 after a hellish week that saw shares in the national carrier drop to an all-time low of $1.03.
Echo rose 3.48 per cent to $4.45 after key shareholder, Perpetual Investments Ltd, refused to support the appointment of former Victorian premier Jeff Kennett to the Echo board.
Mirvac retreated 1.57 per cent to $1.25 after chairman James MacKenzie lashed out at Australian politics.
Fairfax rose 1.69 per cent to 60 cents after reports circulated that private equity interest in the company is growing.
In economic news on Friday, the Australian Bureau of Statistics (ABS) releases April figures for international trade in goods and services as well as its housing finance for April.
Meanwhile, Reserve Bank of Australia (RBA) governor Glenn Stevens addresses the American Chamber of Commerce in Australia.
In equities news, marketing services company Photon Group is to hold extraordinary general meeting for shareholders to vote on name change to Enero Group, while the ANZ is due to review its interest rates.
In Australia, the market on Thursday finished stronger for the third consecutive day amid renewed optimism about Europe's ability to avert a financial disaster in Spain.
The benchmark S&P/ASX200 index was up 53.3 points, or 1.31 per cent, at 4,108.6 while the broader All Ordinaries index was up 52.0 points, or 1.27 per cent, at 4,156.7.
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