The share market is weaker as falling oil prices continue to drag global markets lower.
Weak prices for oil, iron ore and coal were hurting the resources sector, Lonsec senior client adviser Michael Heffernan said.
The federal government’s mid-year budget update on Monday had also done little to improve investor sentiment.
“Commodity prices are on the usual downward trend and the market’s also down on the back of Joe Hockey’s mid-year economic forecast,” he said.
But the market, down about 0.3 per cent at noon (AEDT), was faring better than those in Europe, Mr Heffernan added, which fell by between 1.9 per cent and 2.7 per cent overnight.
In the energy sector, Woodside Petroleum was down 81 cents at $34.58, as it announced the $US2.75 billion ($A2.98 billion) purchase of LNG and oil projects in Australia and Canada.
Santos was down 12 cents at $7.34 and Oil Search was 13 cents weaker at $7.13.
BHP Billiton was down 78 cents at $27.55, Rio Tinto had dropped 73 cents to $52.77 and Fortescue Metals was four cents weaker at $2.44.
The major banks were relatively flat, with Westpac down nine cents at $31.72, Commonwealth Bank down 11 cents at $81.16, ANZ up two cents at $30.78 and National Australia Bank up five cents at $31.53.
NAB earlier announced the sale of STG1.2 billion ($A2.19 billion) in high risk UK loans.
Qantas had surged seven cents, or 3.1 per cent, to $2.34 after releasing November passenger statistics, and partly due to the lower oil price.
KEY FACTS
* At 1205 AEDT on Tuesday, the benchmark S&P/ASX200 index was down 19.1 points, or 0.37 per cent, at 5,167.0 points.
* The broader All Ordinaries index was down 19 points, or 0.37 per cent, at 5,145.6 points.
* The December share price index futures contract was nine points lower at 5,168 points, with 59,159 contracts traded.
* National turnover was 497 million securities worth $1.3 billion.
