News: NAB Australia shares dip as banks give up gains, NZ flat

Australian shares fell 0.5 percent by midday on Friday after most of the major banks gave up early gains, while battered miners and energy companies enjoyed a reprieve, and the New Zealand market was flat.

The S&P/ASX 200 index (xjo) gave up 25.86 points to 4,950.3 by 0129 GMT. The benchmark rose 0.6 percent on Thursday.

"There's no real clear-cut direction either way. People are just cautious about everything as economies slow around the world," said Martin Angel, a dealer at Patersons Securities in Perth.

The market was heading towards finishing January down about 6 percent, hauled down by financial services, mining and energy stocks in a volatile month of trading.

"It's very hard to pick (the market) either way. And I think a lot of people who would have tried to will want to forget this month," Angel said.

The market's heaviest weighted stock, top bank Commonwealth Bank of Australia (CBA), fell 1.2 percent on Friday, worsening a 9 percent fall so far this year. Only National Australia Bank (NAB), in favour as it gets ready to spin off its UK banks, rose.

Among the major miners, BHP Billiton (BHP) jumped 1.5 percent and Rio Tinto (RIO) rose 0.2 percent, while the energy index .AXEJ rose 2.9 percent.

Fortescue Metals Group (FMG) was the market's top gainer, surging 9 percent, climbing for a second day after the world no.4 iron ore miner eased concerns about its ability to pay down debt despite weak iron ore prices.

New Zealand's benchmark S&P/NZX 50 index (nz50) slipped 8.6 points, or 0.1 percent, to 6,153.44. The index was headed for a monthly fall of nearly 3 percent.

Meridian Energy (MEL) was among the biggest gainers, rising 1.08 percent after oil prices rose.

Transport and logistics company Fliway (FLI) rose as much as 13.5 percent after the company raised its operating earnings guidance for the first half of its financial year.

Accounting software firm Xero (XRO) fell as much as 1.6 percent in morning trade after it said the deterioration of the NZ dollar adversely impacted cash flows, but it somewhat recovered to trade down 0.52 percent.