The Australian share market is lower, with consumer and bank stocks taking the biggest hits.

Wednesday’s strong gross domestic product number has failed to improve investors’ confidence in the Australian economy, Australian Stock Report senior equity analyst Benny Sada said.

“The market is concerned about signs of weakness in the Australian economy and this can be seen in the weakness in consumer stocks,” he said.

“We had a negative print on building approvals on Monday which is a warning sign that the housing sector’s growth of last year is tailing off.

“And last month’s disastrous consumer confidence figures came on the back of the federal budget.”

David Jones shares were flat at $3.83 as fears grow that retail magnate Solomon Lew may be in a position to block South African retailer Woolworths’ $2.2 billion takeover deal.

Myer’s shares were down one cent to $2.07.

The big four banks were all down but the major miners were up.

National Australia Bank was four cents weaker at $33.27, Westpac had lost 15.5 cents to $34.185, ANZ had dropped 17.5 cents to $33.215 and Commonwealth Bank was 33 cents lower at $80.82.

BHP Billiton was up 10 cents to $36.26, after it confirmed job cuts to its Perth iron ore headquarters.

Rio Tinto was 25 cents higher at $59.69 and Fortescue Metals had gained seven cents to $4.53.

In the energy sector, Oil Search was up 17 cents to $9.52 after lifting its production forecast after the market closed on Wednesday.

Santos had added six cents to $14.38.

KEY FACTS

* At 1200 AEST on Thursday, the benchmark S&P/ASX200 index was down 8.9 points, or 0.16 per cent, at 5,435.9 points.

* The broader All Ordinaries index was down 8.3 points, or 0.15 per cent, at 5,418.5 points.

* The June share price index futures contract was five points lower at 5,440 points, with 15,057 contracts traded.

* National turnover was 630.9 million securities worth $1.37 billion.