The Australian share market closed lower on Friday as a slew of upcoming offshore events led to renewed caution among investors. The benchmark S&P/ASX200 index was down 23.3 points, or 0.5 per cent, at 4,661.6 points, while the broader All Ordinaries index lost 19.3 points, or 0.41 per cent, at 4,733.5.

On the ASX24, the December share price index futures contract dropped 22 points to 4,660, with 27,577 contracts traded. Macquarie Group led the gains among the S&P/ASX 100, climbing $1.65, or 4.78 per cent, to $36.20, after the investment bank's said it would match last year's full year profit after a 16 per cent in its half year results.

The banks finished mixed. Westpac which reports its results on Wednesday dropped 25 cents, or 1.09 per cent, to $22.70, Commonwealth Bank was 42 cents lower at $48.90, National Australia Bank was up 12 cents at $25.46 and ANZ was up eight cents at $24.81.

The miners closed mostly lower. BHP Billiton was down seven cents at $41.92 and Rio Tinto was $1.10 lower at $82.69. Fortescue Metals was eight cents higher at $6.25. The spot price of gold in Sydney was $1,340.10 per fine ounce, up $13.25 from Thursday's local close of $1,326.85.

Gold miner Newcrest Mining closed up 62 cents, or 1.6 per cent, at $39.96. In market news on Friday, Whitehaven Coal Ltd, says it will formalise a bidding process because of ongoing interest being shown in the listed company. Whitehaven was the second best performer on the S&P/ASX 200, with shares soaring 57 cents, or 8.92 per cent, to close at $6.96.

Qantas Airways ended down four cents at $2.84 after saying the Asia-Pacific offers the biggest opportunity in 2010/11, while the domestic market is recovering and overseas remains patchy. The other airline companies were mixed. Virgin Blue Holdings finished down 0.5 cent at 43 cents, Air New Zealand was steady at $1.02, and Regional Express was steady at $1.23.

Woodchipper Gunns dropped 5.5 cents, or 7.53 per cent, to 67.5 cents after it revised its full year earnings guidance downwards, blaming the strong Australian dollar's effect on export revenue and the new Tasmanian forest agreement for the decline. Woodside Petroleum closed down 63 cents at $43.50. On Friday the oil and gas producer entered into an agreement to take full ownership of an exploration permit in the Carnarvon Basin offshore from Western Australian.

Hills Industries finished down three cents at $2.16 after it confirmed its guidance for 2010/11, but warned that net profit would be around ten per cent lower in the first half than the prior corresponding period. The top traded stock by volume was Monitor Energy, with 118.56 million shares worth $474,234 changing hands. Monitor was steady at 0.4 cent. Preliminary market turnover was 2.90 billion shares worth $8.51 billion, with 539 stocks up, 620 down and 357 unchanged.

The Australian dollar was broadly unchanged late Friday as dealers braced for a major week of event risk for currency markets as a range of central bank policy decisions are due. Topping the bill will be an expected decision by the U.S. Federal Reserve to expand its quantitative easing program, with the surprise factor being if the Fed opts for a smaller than anticipated round of purchases.

Also on the agenda are mid-term U.S elections and Bank of England and European central bank policy meetings. Closer to home the Reserve Bank of Australia meets Tuesday and is expected to hold interest rates steady at 4.50%. Data released through the day did little to encourage expectations to the contrary.

Private sector credit rose by only 0.1% in September the slowest growth in 10 months, according to data from the RBA, while house prices rose by just 0.1% in seasonally adjusted terms in September. House prices have been flat since May removing one of the key considerations that would encourage another interest rate increase.

The Australian dollar traded at $0.9760, up from $0.9750 late Thursday. Against the Japanese yen, the currency traded at 78.72, down from 79.575.