Australian shares were lower at noon as US politicians continue to squabble over how to resolve their country’s debt issues.
At 1200 AEST on Friday, the benchmark S&P/ASX200 index was down 12.1 points, or 0.27 per cent, at 4451.7 , while the broader All Ordinaries index had dropped 12.4 points, or 0.27 per cent, to 4526.8.
On the ASX 24, the September share price index futures contract had fallen 12 points to 4,419 points, on volume of 14,744 contracts.
With only four days to go until the August 2 deadline, when the US Treasury says it will run out of funds, lawmakers in Washington remain short of a compromise debt plan.
US stocks ended mixed in overnight trade, as nervous markets awaited a resolution to the debt-limit standoff.
Austock Securities senior client adviser Michael Heffernan said the US debt stalemate had local investors jittery.
“It’s a movement that is completely anticipated given the performances on overseas markets,” he said.
“It looks like the horses aren’t being as frightened as they were a few days ago about the debt situation in the US.”
In local trade, BHP Billiton was 17 cents lower at $41.86, after announcing a $US279 million ($A254.24 million) expansion of its manganese operations in the Northern Territory.
Rio Tinto was down 88 cents at $80.32.
The spot price of gold in Sydney was at $US1,615.00 per fine ounce, up 31 cents from Thursday’s local close of $US1,614.69 per ounce.
Newcrest Mining lost 51 cents to $39.66.
Banks and financials were up, with ANZ gaining 10 cents to $21.09.
Commonwealth added 19 cents to $49.63, National Australia Bank was up nine cents at $24.27, while Westpac was flat at $20.65.
Telstra was one cent higher at $3.01.
At 1215 AEST, the worst performing stock in the top 100 was Sims Metal Management Ltd, its shares down 54 cents, or 3.1 per cent, at $16.87.
Westfield shares sank nine cents, or 1.12 per cent, to $7.96, after announcing it would invest $US612.5 million ($A558 million) for a 50 per cent share for a joint venture of the retail premises at New York’s World Trade Center site.
National turnover was 902 million shares, worth $3.7 billion, with 350 shares up, 475 down, and 351 were steady.
AAP
