The sharemarket is in the red, dragged off its seven-year high by losses in the industrial and financial sectors.
CommSec market analyst Juliana Roadley said the industrials were lagging the most at midday AEDT, with transport stocks down as oil rose to back above $US50 a barrel.
“(Also,) when you have the likes of Telstra, BHP and Rio having a quiet day and the banks in negative territory – that’s going to put pressure on the market,” she said.
The ASX200 is edging closer to breaking above 6000 points, but Ms Roadley doubted it would reach the milestone on Thursday. The market achieved a seven-year high on Wednesday.
“There’s some selling in the markets today. You’ve also got some weaker results coming through really taking the shine out of things,” she said.
Amongst the major banks, National Australia Bank was 22.5 cents lower at $37.56, ANZ had lost 15 cents to $35.16, Westpac had fallen 19 cents to $37.69 and Commonwealth Bank was down 26 cents at $90.61.
The big miners were mixed. BHP Billiton was up four cents at $33.54, but Rio Tinto had plunged 18 cents cents to $63.40, and Fortescue Metals was down one cent to $2.47.
The energy sector was also mixed despite a rally in world oil prices overnight.
Woodside Petroleum was down one cent to $34.90, Oil Search fell six cents to $8.15 but Santos rose 6.5 cents to $7.976.
Company results have been varied as the February reporting season draws to a close.
Nine Entertainment surged almost 10 per cent, or 18.5 cents, to $2.04 after the media company tripled its first half profit and announced a $150 million share buyback.
Qantas shares rose 13 cents, or 4.6 per cent, to $2.94 after saying it made a first half net profit of $203 million, just six months after posting its largest loss in history.
Private hospital and medical centre operator Ramsay Health Care climbed $3.35 to $67.45 after reporting it had increased its full year earnings guidance after lifting net profit by more than 21 per cent.
But Billabong was 2.5 cents lower at $61.50 after the surfwear retailer posted a profit for the first time in three years.
And Alumina lost seven cents to $1.79 after the bauxite miner suffered a $US98.3 million ($A124.56 million) full year net loss.
KEY FACTS
* At the 1200 AEDT on Thursday, the benchmark S&P/ASX200 index was down 31.1 points, or 0.52 per cent, higher at 5,913.8 points.
* The broader All Ordinaries index was down 27.8 points, or 0.47 per cent, at 5,880.8.
* The March share price index futures contract was 34 points lower at 5,888, with 10,775 contracts traded.
* National turnover was 448 million securities worth $956 million.
