Aust shares flat amid profit taking

THE Australian sharemarket closed flat as investors reap profits from booming bank stocks and some worries about global growth.

The market was up 0.6 per cent for the week despite it posting losses from Wednesday onwards.

Despite some profit taking in the banks on Friday, Shaw Stockbroking senior dealer Jamie Spiteri said there was more substance in the market currently than there had been in recent years with the right stocks being rewarded.

"Liquidity has actually come back into the top-tiered sector of the market and become increasingly concentrated on those delivering reliable earnings and sustainable distributions to shareholders," he told AAP.

"The banks and financials are in the news because of their record performances in recent times and results that have come out this week, validating some of those uplifts in price."

Westpac posted an 11 per cent lift in first half net profit to $3.304 billion and announced a special dividend of 10 cents per share for shareholders, in addition to an 86 cents per share interim distribution.

Its shares fell 35 cents, or 1.03 per cent, to $33.55.

However the stock is up $7.51, or 29 per cent, for the year.

Of the other retail banks, ANZ rose 10 cents to $31.60, but NAB fell 10 cents to $33.74 and Commonwealth Bank was $1.44, or two per cent, lower at $71.06 after having traded above $73 earlier in the year.

Investment bank Macquarie Group reported a full year net profit of $851 million, up 17 per cent from the prior year and a little above market expectations.

In percentage terms, Macquarie Group rose the most of all stocks on the S&P/ASX200 on Friday, jumping 10.9 per cent, or $4.23, to $43.11.

JB Hi-Fi shares leapt up after the retailer said it expected full-year profit to increase by up to 11 per cent to between $112 million and $116 million.

Its shares closed $1.25, or 8.06 per cent higher, at $16.75.

The big miners made gains amid some commodity price rises overnight.

BHP Billiton recovered some of its losses this week closing 18 cents higher at $31.97 and Rio Tinto gained 58 cents, or 1.1 per cent, to $54.49.

KEY FACTS

* At the close on Friday, the benchmark S&P/ASX200 index was down half a point at 5,129.5 points.

* The broader All Ordinaries index was 1.3 points higher at 5,105.4 points.

* The June share price index futures contract was six points higher at 5,127 points, with 23,146 contracts traded.

* The price of gold in Sydney was $US1,475.90 per fine ounce, up $US20.60 on Wednesday's closing price of $US1,455.30.

* National turnover was 1.27 billion securities worth $4.33 billion.

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