Although European countries had pledged to support Greece through its debt woes, but they failed to ignite Australia's share market, yesterday, ending the day less than eight points higher.

However, the uncertainty came up as good news for the Australian dollar, which traded at near decade highs against the embattled euro, yesterday.

Trading 0.3 per cent higher at US89.02, Australia’s currency was firm against the US dollar, as well.

The brokers explained that many investors were unwilling to pump money into the market until there was more clarity about the outlook for corporate earnings.

"In Australia its wait and see - people are pretty keen to see outlook statements," said EL & C Baillieu Stockbroking’s Director, Siobhan Blewitt.

On a contrary note, AMP Capital Investors’ Chief Economist, Shane Oliver, described the profit reporting season as very strong.

"With the European Union standing behind Greece, Chinese economic growth likely to remain strong, share market valuations having fallen back into cheap territory, profit reports coming in on the strong side and pointing to solid profit growth ahead and interest rates likely to remain relatively low, the rising trend in shares is likely to resume fairly soon", he said.