The share market is lower after a volatile morning of trade, caused by mixed company earnings, a rise in unemployment, and a falling Australian dollar and oil price.
The All Ordinaries index was down 0.2 per cent at noon on Thursday after opening higher.
“It’s been a day where the market’s really struggled to make up it’s mind what direction it’s heading,” OptionsXpress market analyst Ben Le Brun said.
“We got a soft lead from commodities and oil prices, and uncertainty’s continuing in the Greek debt situation.
“That’s against the backdrop of the earnings season which so far has been a little bit up and down.”
A higher than expected jobless rate of 6.4 per cent in January also sent the Australian dollar tumbling in late morning trade.
“The jobless rate climbed more than expected, which has had some downside impact on the Australian dollar – which is actually a net positive on the share market,” Mr Le Brun said.
Banks and energy stocks were the worst performers, while miners were mixed and the healthcare sector was stronger.
Telstra was the largest company to report its earnings, lifting half year profit 22 per cent to $2.1 billion, and its shares were flat at $6.49.
Oil and gas explorer Santos was down 17 cents to $7.54 after announcing it faces a $1.6 billion writedown due to the oil price slide, while Woodside was down 51 cents at $33.65 and Oil Search had dropped four cents to $7.97.
Commonwealth Bank had shed 82 cents to $91.04, National Bank had fallen 14 cents to $36.92, ANZ had dropped three cents to $35.06 and Westpac was 12 cents weaker at $36.71.
Rio Tinto was up 62 cents at $60.42 ahead of its annual results announcement late on Thursday, while BHP Billiton had added one cent to $30.98 and Fortescue Metals was down four cents at $2.41.
KEY FACTS
* At 1227 AEDT on Thursday, the benchmark S&P/ASX200 index was down 13.2 points, or 0.23 per cent, at 5,755.9.
* The broader All Ordinaries index was down 12.6 points, or 0.22 per cent, at 5,719.1.
* The March share price index futures contract was down 23 points at 5,701 with 14,000 contracts traded.
* National turnover was 765 million securities worth $2.3 billion.
