The Australian share market opened flat on Friday.

At 10:10 a.m. local time (AEST), the benchmark S&P/ASX200 index was up 3.96 points, or 0.07 percent, at 5,327.3, while the broader All Ordinaries index was up 4.54 points, or 0.08 percent, at 5,390.1.

IG market analyst Angus Nicholson said in a note on Friday the ASX was set for a "flattish" open.

"Given the general selloff in markets globally,it is quite positive," Nicholson said.

"If we continue to see steady buying in financials and the materials and energy sectors hold up, the ASX could finish the final session for the week in positive territory."

At the open, ANZ was down 0.34 percent, the Commonwealth Bank of Australia fell 0.51 percent, the National Australia Bank was down 0.33 percent, and Westpac gained 0.03 percent.

Rio Tinto opened 1.23 percent higher, while BHP Billiton was up 0.86 percent. Woodside was up 0.74 percent.