The share market is weaker as investors sit on the sidelines ahead of important economic events overseas.
Most sectors of the market were lower at noon, and trading volumes were down.
Investors are waiting for a meeting of the European Central Bank on Thursday night, which some believe could result in new stimulus measures for the eurozone economy.
In the US, unemployment numbers are to be released on Friday night.
“The hesitation from investors is likely to increase downside risk in the short term as lower volumes trading through the market can lead to increased volatility,” CMC Markets equities dealer Chay Flack said.
Retailers were a rare source of gains, after new data showed retail spending rose 0.4 per cent in July, in line with expectations.
JB Hi-Fi was up 12 cents at $17.12, Super Retail was up 12 cents at $9.26, The Reject Shop had added 21.5 cents to $9.635 and Harvey Norman was half a cent higher at $3.705.
Both of the supermarket giants were also higher.
Woolworths was up 18 cents at $36.15 and Coles owner Wesfarmers was up 12 cents at $43.92.
But the dominant sectors of resources and financials were weaker.
After another fall in iron ore prices overnight, to a five year low, BHP Billiton was down 12 cents at $36.08 and Rio Tinto was two cents weaker at $62.32.
Iron ore miner Fortescue was up four cents at $4.04 after it achieved record production and shipments during August.
Among the banks, National Australia Bank was down 19 cents at $35.12, ANZ had lost 13.5 cents to $33.535, Westpac had dropped 20.5 cents to $35.015 and Commonwealth Bank was seven cents weaker at $81.63.
Telstra shares were also down, dropping four cents to $5.68.
KEY FACTS
* At 1205 AEST on Thursday, the benchmark S&P/ASX200 index was down 17.4 points, or 0.31 per cent, at 5,638.7 points.
* The broader All Ordinaries index was down 16.4 points, or 0.29 per cent, at 5,638.2 points.
* The September share price index futures contract was down 17 points at 5,632 points, with 11,256 contracts traded.
* National turnover was one billion securities worth $1.6 billion.
