Australian shares swung between gains and losses on Friday as traders await with caution January’s US jobs data to assess the potential for further interest rate cuts by the Federal Reserve.

The S&P/ASX 200 was just 1.4 points lower, at 8519.3, on Friday afternoon following a volatile morning session. The index is less than 25 points from hitting a fresh high. Six of the index’s 11 sectors were higher while energy stocks posted the steepest losses.

The index opened lower, before turning positive, then turning negative again as traders await the January jobs report on Saturday 12.30am AEDT. Consensus is for the number of jobs created to fall by almost 100,000 from the 256,000 jobs in December.

Banks retreated, then pared losses, and Commonwealth Bank reset a record for the second consecutive day. The stock is down 0.1 per cent. NAB gained 0.4 per cent and Westpac 0.3 per cent.

Energy stocks fell following a volatile trading session for oil prices overnight. Brent crude traded below $US75 a barrel. On the ASX, Santos fell 0.7 per cent and Woodside fell 0.6 per cent. A slump in coal prices overnight also hurt Australian coal miners: Yancoal was 3.8 per cent lower and Whitehaven Coal dropped 4.3 per cent.

REA Group extended a rally in the previous session, rising 2.2 per cent. Traders continued piling into the stock on Friday after the company posted strong results that saw revenue jump 20 per cent year-on-year.

Stocks on the move

In corporate news, Domino’s Pizza shares leapt 22.2 per cent after the company announced the closure of 205 loss-making stores, mostly in Japan.

Nick Scali shares rocketed 15.3 per cent after the company posted net profit of $36 million for the half-year to December, exceeding guidance.

Sigma Healthcare rose 54.6 per cent after it upgraded full-year guidance for earnings before interest and tax, pointing to a boost from its Chemist Warehouse supply contract to business performance. The merger of the two companies is set to be completed this month.

And a wave of profit-taking hit News Corp on Friday following its rally in the prior session – even as Morgan Stanley reiterated an overweight on the stock. The shares fell 3.8 per cent.