A sharp slide in oil prices and a weak lead from Wall Street has dragged the local share market lower.

The market was down around one per cent at noon, with mining and oil stocks the worst performers.

Oil prices have slumped to fresh five year lows, while markets in the US and Europe lost ground.

“There’s lots going on that is holding the market back … there’s not too much to cheer about at this stage,” CommSec market analyst Stephen Daghlian said.

Energy giant Santos slumped to its slowest level in ten years following the slide in oil prices, plus a credit rating downgrade from Standard and Poor’s.

Santos shares were down 72 cents, or more than eight per cent, at $7.60.

Woodside Petroleum had lost 87 cents at $34.52 and Oil Search had slumped 26 cents at $7.58.

Global miner BHP Billiton was down 90 cents, or three per cent, at $29.20, Rio Tinto had dropped $1.08 to $56.05 and Fortescue had fallen 10 cents to $2.55.

Among the big banks, ANZ had lost 36.5 cents to $32.03, National Australia Bank had lost 13 cents to $32.84, Westpac was down 20 cents at $33.16 and Commonwealth Bank was two cents weaker at $82.37.

Qantas was among the best performers, thanks to the lower oil price and Monday’s announcement it was on track for its best first half result since 2010.

Its shares were five cents higher at $2.44.

KEY FACTS

* At 1220 AEDT on Tuesday, the benchmark S&P/ASX200 index was down 65.1 points, or 1.13 per cent, at 5,312.2 points.

* The broader All Ordinaries index was down 60.9 points, or 1.14 per cent, at 5,288 points.

* The December share price index futures contract was 75 points lower at 5,315 points, with 15,078 contracts traded.

* National turnover was 723 million securities worth $2.02 billion.