The share market is lower due to weakness in the energy sector caused by an increase in oil supplies in the US.
Falls in the financial sector are also pulling the market down, with the All Ordinaries index 0.24 per cent lower at noon.
“There is a bit of weakness in the energy sector,” CMC chief market analyst Ric Spooner said.
“It’s a response to the big increase in US oil inventories last night.”
“I thought the market may have looked through that because the oil price itself bounced – but we are seeing a bit of selling in those stocks.”
Oil and gas explorer Santos was down 25 cents, or three per cent, at $7.99 after posting a $935 million full year loss.
Woodside was down 65 cents at $35.48 and Oil Search was 13 cents lower at $8.29.
Telstra was down three cents at $6.58 after the surprise resignation of chief executive David Thodey.
The mining sector was mixed, with Rio Tinto up 26 cents at $63.90, BHP was down 23 cents at $32.27 and Fortescue Metals had dropped 1.5 cents to $2.495.
The big banks were weaker, with Commonwealth Bank down 63 cents at $90.51, National Bank down 8.5 cents at $37.625, ANZ down 14 cents at $34.86 and Westpac 15 cents weaker at $37.80.
Investment manager Platinum Asset Management was one of the worst performers, down $1.24, or 13.4 per cent, at $8.00 after reporting a four per cent fall in half year profit late on Thursday.
Coles owner Wesfarmers had rebounded after a fall on Thursday caused by a disappointing half year profit, up $1.25 at $46.43.
KEY FACTS
* At 1232 AEDT on Friday, the benchmark S&P/ASX200 index was down 14.2 points, or 0.24 per cent, at 5,890.
* The broader All Ordinaries index was down 16 points, or 0.27 per cent, at 5,853.8.
* The March share price index futures contract was down 18 points at 5,850 with 11,610 contracts traded.
* National turnover was 709 million securities worth $1.87 billion.
