The Australian sharemarket is lower at noon, with investors sitting on their hands or chasing returns elsewhere.
After two sessions of gains last week, the local market is looking like it is heading for its eighth day in the red, over the past two weeks.
IG markets analyst Stan Shamu says shares were also being hit by global factors including what he describes as the “Greek debacle”.
Default by debt-wracked Greece has loomed dangerously closer after last-ditch talks between Athens and its European Union-International Monetary Fund creditors collapsed on Sunday.
“Local investors are a little bit sceptical and they are hunting yield elsewhere,” Mr Shamu said.
“If we don’t get anything positive out of Greece, we will stay at these levels.”
The energy sector was leading the Australian market down, shedding more than two per cent overall.
At noon, energy giant Woodside Petroleum was 76 cents, or 2.07 per cent, lower, at $35.97 while Santos had given up 23 cents, or 2.75 per cent, to $8.11.
The big four banks were lacklustre, with Commonwealth Bank losing 67 cents, or 0.82 per cent, to $80.75, ANZ had shed 12 cents, or 0.38 per cent, at $31.59, but NAB had found seven cents, or 0.22 per cent, at $32.33 while Westpac was down 42 cents, or 1.33 per cent, at $31.25.
Among resources, global miner and market heavyweight BHP Billiton had lost eights cents, or 0.28 per cent, to $27.82.
In equities news, steelmaker and miner Arrium is set to post a massive full year loss after announcing a $320 million impairment hit on top of the $1.3 billion already announced in January.
Arrium gave back 0.25 cents, or 1.56 per cent, to 15.75 cents.
Foxtel announced it will take a 15 per cent stake in Ten Network as part of a long-awaited deal to strengthen the struggling free to air broadcaster.
Ten dropped 0.25 per cent, or 0.94 per cent, to 26.25 cents.
And Metcash has posted a $384 million full year loss and announced the sale of its automotive division as it tries to shore up its grocery division against intense competition.
Metcash had found 3.5 cents, or 3.2 per cent, to $1.14.
KEY FACTS
* At noon AEST on Monday, the benchmark S&P/ASX200 index had dropped 30.8 points, or 0.57 per cent, to 5,513.8.
* The broader All Ordinaries index shed 30.8 points, or 0.55 per cent, to 5,521.3.
* The June share price index futures contract was 20 points lower at 5,514, with 46,895 contracts traded.
* National turnover was 871 million securities worth $1.4 billion.
