The Australian share market is lower after ANZ’s trading halt and big losses by the banks, but the materials sector is one of the few bright spots.
At 1200 AEST, Commonwealth Bank, NAB and Westpac were all down around two per cent, while ANZ went into a trading halt as it announced a $3 billion capital raising to provide an extra buffer for its home loan books.
Big miners BHP Billiton, Rio Tinto and Fortescue Metals continued to make gains, despite expectations Rio will announce a drop in half year earnings on Thursday afternoon.
Law firm Slater and Gordon recovered to be just 10 cents lower at $3.17 after slumping nearly twice that in early trade amid worries about its UK business.
Kathmandu shares jumped around three per cent after its board rejected a $300 million plus takeover offer from kiwi firm Briscoe, leaving the door open for a higher bid.
Official figures released on Thursday morning, showing a rise in unemployment, did not appear to affect the market.
KEY FACTS:
* At 1200 AEST on Thursday, the benchmark S&P/ASX200 index was down 43.2 points, or 0.76 per cent, at 5,630.8.
* The broader All Ordinaries index was down 38.8 points, or 0.69 per cent, at 5,620.7.
* The September share price index futures contract was down 47 points at 5,565, with 17,524 contracts traded.
* At 1227 AEST national turnover was 764 million securities worth $1.8 billion.
