Australian stocks are lower at noon as investors took profits from high yielding stocks.

CMC Markets chief strategist Ric Spooner said the financial sector and Woolworths were dragging the market down as investors took the opportunity to take profits.

“The biggest weakness is the financial sector, particularly the major banks,” he said.

“What we’re seeing is people taking profits in these areas and other high yield places.”

Trading volumes were also low as Australians prepared for the Easter long weekend.

Mr Spooner said investors were also concerned about the European risk after an increase in Italian and Spanish bond yields overnight.

The four major banks were all lower at noon.

ANZ dropped 13 cents to $28.45, Westpac fell 11 cents to $30.67, Commonwealth Bank tumbled 39 cents to $67.99 and National Australia Bank lost 14 cents to $30.81.

Woolworths shares also plunged 39 cents to $67.99.

However the mining giants were in positive territory at noon.

BHP Billiton improved 36 cents to $33.55, Rio Tinto jumped 72 cents to $58.55 and Fortescue surged 10.5 cents to $4.085.

Shares in Nufarm plunged 67 cents to $4.10 after the agricultural chemicals supplier booked a 53 per cent fall in profit and slashed its outlook.

Leighton shares dropped six cents to $20.68 after the construction giant said it would offload 70 per cent its phone and internet assets to a Canadian pension fund.

KEY FACTS

* At 1200 AEDT on Thursday, the benchmark S&P/ASX200 index was down 7.4 points, or 0.15 per cent, at 4,987.5 points.

* The broader All Ordinaries index was down 7.3 points, or 0.15 per cent, at 4,987.5 points.

* The June share price index futures contract was down 10 points at 4,994 points, with 11,321 contracts traded.

* National turnover was 803 million securities worth $4.08 billion.