Australian stocks were lower at noon, with resources-related sectors leading the broader market lower.
At 1210 AEST on Thursday, the benchmark S&P/ASX200 index was down 13.9 points, or 0.31 per cent, at 4,404.5 points, while the broader All Ordinaries index had fallen 13.8 points, or 0.31 per cent, to 4,426.6 points.
On the ASX 24, the September share price index futures contract was 19 points lower at 4,396 points, with 13,652 contracts traded. The September contract expired at noon AEST.
The December contract was 11 points lower at 4,414 points, with 20,943 contracts traded.
The Australian market opened about 0.4 per cent lower and deviated little since the start of trade.
Energy stocks were the worst-performing sector on the local market, having fallen 1.96 per cent.
Metals and minerals stocks (down 0.92 per cent) and the materials sector (down 0.82 per cent) were also in negative territory.
On a positive note, the telecoms sector was doing well with Telstra up three cents at $3.85.
IG Markets analyst Cameron Peacock said global markets have had a big run up in recent times after the US Federal Reserve and European Central Bank recently announced further measures to support their struggling economies.
“Now, I think it is a bit of a pause for breath, a bit of consolidation,” Mr Peacock said.
“We’ve had a good run and people are looking for the next catalyst now.”
On Wednesday, Australian stocks closed at their highest level since the start of May, boosted by stimulus measures announced by Japan’s central bank.
Making news on Thursday, surfwear retailer Billabong said a private equity firm that had been looking to make a takeover bid for company had pulled out.
It was the second private equity firm to decide not to proceed with a takeover bid.
Billabong was down 7.27 per cent, or 10.5 cents, at $1.34.
In percentage terms, Billabong was the second-worst performing stock on th S&P/ASX200.
National turnover was 1.2 billion securities worth $4.1 billion, with 355 stocks up, 407 down and 329 unchanged.
