The share market is significantly lower as a falling oil price hits the resources sector and investors react to weaker than expected earnings from the owner of Coles.
The benchmark S&P/ASX200 index was almost 1.4 per cent weaker in early afternoon trade, on track for its heaviest one day fall in just under two weeks.
Crude oil prices tumbled more than per cent overnight as a proposed deal to freeze output by major producers appeared increasingly unlikely.
BHP Billiton was down $1.16 to $16.47 and Rio Tinto had dropped $2.04 to $42.58, while energy producers Santos and Oil Search were more than four per cent lower and Woodside had shed more than two per cent.
Shares in Coles owner Wesfarmers were sold off after it announced a one per cent rise in half year profit to $1.4 billion, dropping $1.85, or 4.2 per cent, to $41.77.
Woolworths shares were down 74 cents to $22.20.
The big four banks were also a weight on the market, all down more than two per cent.
KEY FACTS:
* At 1210 AEDT the benchmark S&P/ASX200 index was down 69.4 points, or 1.39 per cent, at 4,910.2 points.
* The broader All Ordinaries index was down 62.2 points, or 1.23 per cent, at 4,976.9 points.
* The March share price index futures contract was down 66 points at 4,881 with 20,374 contracts traded.
* National turnover was 1.2 billion securities traded, worth $2.3 billion.
