The Australian share market is trading lower in the wake of weaker offshore markets overnight.
But better-than-expected figures on retail spending in Australia may provide some impetus for the local market to improve later in the session.
Official figures showed that Australian retail spending rose 1.3 per cent in February to a seasonally adjusted $21.95 billion.
Economists had been forecasting a rise of 0.3 per cent for February.
IG Markets market strategist Evan Lucas said the local bourse had followed US markets down after weak US economic data gave investors a reason to take profits.
Lower commodity prices were also weighing on the mining sector.
“The miners are dragging everything down today,” he said.
“All in all, it’s a fairly poor day.”
Mr Lucas said building approval and retail sales figures were ahead of expectations and may provide an impetus for the market to pick up in the afternoon.
On the local market at 1201 AEDT in the resources sector, global miner BHP Billiton was 46 cents lower at $31.77, and Rio Tinto surrendered 57 cents to $54.81.
Among the major banks, National Australia Bank was eight cents weaker at $31.03, Commonwealth Bank gained 42 cents to $68.87, Westpac dipped six cents to $31.09, and ANZ gave away eight cents at $28.19.
Among other stocks, Fairfax Media shed 1.75 cents to 60.25 cents after announcing a reorganisation of its operations into five business arms as part of its ongoing restructure program.
Troubled retailer Billabong asked for an indefinite suspension of its shares, which last traded at 73 cents, while it continued takeover talks with two potential suitors.
KEY FACTS
* At 1205 AEDT on Thursday, the benchmark S&P/ASX200 index was down 22.5 points, or 0.45 per cent at 4,935.2 points.
* The broader All Ordinaries index was down 26.2 points, or 0.53 per cent, at 4,940.2 points.
* The June share price index futures contract was down 21 points at 4,933 points, with 13,352 contracts traded.
* National turnover was 768.2 million securities worth $1.51 billion.
