The share market is weaker, led by a big fall in GrainCorp shares after the federal government blocked a foreign takeover of the company.
With Wall Street closed for the Thanksgiving holiday overnight, the local market was driven only by local factors, CMC Markets sales trader Betty Lam said.
“The morning’s trading session was in a word, muted,” she said.
“Aussie stocks have spent most of the morning swinging between mild gains and mild losses, before taking a dive into double digit red.”
GrainCorp shares fell more than 25 per cent after coming out of a trading halt at 1140 AEDT, following the government’s announcement of its decision to oppose a takeover by Archer Daniels Midland.
At 1250 AEDT, the shares were down $2.45, or nearly 22 per cent, at $8.75.
Shares in Rio Tino were up $1.56, or more than two per cent, at $65.98 after the mining giant announced it would close its loss-making Northern Territory alumina refinery, which employs 1,500 people.
BHP Billiton was was up 22 cents at $37.41 and Fortescue Metals was four cents higher at $5.69.
Energy stocks were lower, as were the big four banks.
Commonwealth Bank was down 44 cents at $77.58, Westpac had dropped 23 cents to $32.76, National Australia Bank had shed 8.5 cents to $34.62 and ANZ was 11 cents lower at $31.92.
KEY FACTS
* At 1250 AEDT on Friday, the benchmark S&P/ASX200 index was down 17.3 points, or 0.32 per cent, at 5,317 points.
* The broader All Ordinaries index was down 16.4 points, or 0.31 per cent, at 5,310.2.
* The December share price index futures contract was 26 points lower at 5,326, with 10,028 contracts traded.
* National turnover was 1.05 billion securities worth $3.8 billion.
