Falls in the resources sector are pushing the Australian share market lower.
The S&P/ASX200 index was down by about 0.3 per cent at noon, roughly in line with with the levels it hit soon after opening.
Disappointing production numbers from several mining companies caused falls in the resources sector.
OZ Minerals was down 30 cents, or 6.5 per cent, at $4.34 after it cut its gold production guidance due to a mine outage caused by a landslip.
Gold miner Newcrest maintained its recently released guidance for the year ahead, but flagged lower production in the September quarter.
Its shares were down 41.5 cents lower at $12.28.
“I think that’s taken some of the wind out of the sales of the market today,” IG chief market strategist Chris Weston said.
Gold stocks had posted strong gains in recent days due to strength in the price of the precious metal.
“There has been good trading opportunities, but I still think the long-term investment case for a lot of these firms is still quite weak,” Mr Weston said.
Among the larger miners, BHP Billiton was down 35 cents at $34.38, Rio Tinto had lost 71 cents to $56.97 and Fortescue Metals was seven cents lower at $3.70.
Mr Weston said investors would look to movements on other Asian markets during afternoon trade.
“Whether we can hold this 5,000 level is going to be based on what happens in Chinese and Japanese markets,” he said.
The financial sector was helping to offset some of the weakness in resources, with Commonwealth Bank up 20 cents to $73.10, Westpac up 22 cents at 29.97 and National Australia Bank 10 cents higher at $30.77.
ANZ was one cent lower at $28.97.
Macquarie Bank was down $1.45 at $44.27, even though again forecast a rise in profit at its annual general meeting on Thursday.
KEY FACTS
* At 1215 AEST the benchmark S&P/ASX200 index was down 17.4 points, or 0.35 per cent, at 5,017.7.
* The broader All Ordinaries index was down 19.1 points, or 0.38 per cent, at 5,002.7.
* On the ASX 24, the September share price index futures contract was 15 points lower at 4,978 with 11,993 contracts traded.
* National turnover was 798 million securities worth $2.2 billion.
