The Australian market is lower at noon as investors move in to take profits.
CMC Markets chief strategist Ric Spooner said the Australian market was lower as it continued to correct itself after recent rallies.
“Despite the mildly positive lead from overseas we’re seeing general selling continuing today as investors continue to take a bit of profits,” he said.
However, he said, in a reversal of recent weeks the big miners were performing well, while high yielding stocks were weaker.
BHP Billiton gained 34 cents to $32.09, Rio Tinto jumped 65 cents to $55.25 and Fortescue added 1.5 cents to $3.565.
The Commonwealth Bank dived $1.11 to $66.99, Westpac tumbled 33 cents to $30.46, ANZ fell 30 cents to $27.73 and National Australia Bank lost 31 cents to $30.69.
Most of the major retailers were lower at noon despite figures released on Thursday showing sales have risen strongly for a second straight month.
Woolworth also tumbled 56 cents to $33.85, Wesfarmers fell 43 cents to $40.01 and David Jones lost 10.5 cents to $2.895.
However Myer gained three cents to $2.95.
KEY FACTS
* At 1201 AEDT on Friday, the benchmark S&P/ASX200 index was down 20.5 points, or 0.42 per cent, to 4,893 points.
* The broader All Ordinaries index was down 18.3 points, or 0.37 per cent, to 4,901 points.
* The June share price index futures contract was down 21 points to 4,891 points, with 15,977 contracts traded.
* National turnover was 603.5 million securities worth $1.85 billion.
