Australian stocks: Market closes down

Qantas dropped to a one month low losing eight cents to $3.50 as analysts and investors adopted a more cautious stance after drilling down through the airline's interim results.

The airline announced a 28 per cent lift in first half net profit to $458.4 million, which was better than expectations.

Gold stocks were mixed, with Lihir Gold up two cents at $1.10 and Newmont four cents higher at $5.42.

AngloGold Ashanti lifted 10 cents to $8.95, but Newcrest reversed 10 cents to $16.95.

The spot price of gold in Sydney at 1646 AEDT was US$426.85 per ounce, up US$1.90 on Thursday's close.

The top traded stock by volume was metals and mining company Preston Resources, with 60.09 million shares changing hands worth $1.43 million.

Its stock was 0.2 cents higher at 2.4 cents.

Preliminary national turnover was 1.17 billion shares traded for $3.22 billion with 729 stocks rising, 821 falling and 403 unchanged.

- AAP