The Australian share market has slipped further by noon, following a weak lead from Wall Street overnight and lower prices for copper and oil.
The losses were led by big banks and major mining and energy stocks, as investors stayed cautious ahead of the Reserve Bank of Australia’s decision on interest rates later on Tuesday.
The RBA board is expected to keep rates on hold at the record low of two per cent.
Shares in all four major banks were trading around two per cent lower, while mining giants BHP Billiton and Rio Tinto were down more than two per cent each.
Key energy shares, including Woodside Petroleum, Santos and Oil Search, were each trading more than three per cent lower.
KEY FACTS:
* At 1215 AEST, the benchmark S&P/ASX200 index was down 61 points, or 1.22 per cent, at 4,934.2 points.
* The broader All Ordinaries index was down 59 points, or 1.16 per cent, at 5,010.9 points.
* The June share price index futures contract was down 68 points at 4,912 points, with 18,451 contracts traded.
* National turnover was 855.60 million securities traded, worth $1.58 billion.
