The major banks have clawed back some losses, but continue to weigh on the broader share market.

Investors are now absorbing news that the official jobless rate has risen to 6.2 per cent in April from 6.1 per cent in March.

The unemployment rate is unlikely to make much of difference to an already weak session, Phillip Capital senior client adviser Michael Heffernan said.

He said the figure was in line with February’s jobless rate in a sign the labour market has steadied.

“These labour force figures aren’t going to do anything to make the share market worst or better,” he said.

“NAB’s decision to announce today its major capital raising and the backwash from the bank profit reports, particularly the CBA’s, and Woolworths weak sales results are the biggest drivers.”

Concerns about a lack of growth in the Australian economy and the negative effect that is having on the banks’ financial results have rattled investors.

The market suffered its biggest one-day fall in two years on Wednesday when it dropped 2.3 per cent due to the Commonwealth Bank’s soft quarterly profit and Woolworths’ weak third-quarter sales result.

The last of the big four banks, the National Australia Bank, released its first half cash profit of $3.32 billion on Thursday.

The result, while an increase, was below expectations.

NAB has gone into a trading halt after also announcing that it’ll tap shareholders for $5.5 billion in a massive capital raising.

The Commonwealth was down 34 cents, or 0.41 per cent, at $82.64 after falling nearly six per cent on Wednesday.

Westpac had lost five cents to $33.94 and ANZ shed 13 cents to $33.08.

Among the miners, BHP Billiton fell 22 cents to $32.13, after shareholders approved its plans to demerge.

Rio Tinto had lost 12 cents to $59.00 and Fortescue Metals gained 4.5 cents to $2.625.

Wealth management firm AMP has shed five cents to $6.34 despite a quarterly report that its assets under management have risen six per cent.

AMP, Rio Tinto, Caltex Australia, and Westfield’s Australian shopping centre owner Scentre Group are holding annual general meetings on Thursday.

KEY FACTS

* At 1200 AEST on Thursday, the benchmark S&P/ASX200 index was down 34.2 points, or 0.6 per cent, at 5,658.

* The broader All Ordinaries index was down 33.3 points, or 0.59 per cent, at 5,657.6.

* The June share price index futures contract was 41 points lower at 5,614 with 25,200 contracts traded.

* National turnover was 773 million securities worth $2.5 million.