THE share market was marginally lower at noon, showing resilience in the face of lower commodity prices and a weak offshore lead.
At 12:00 (AEDT), the benchmark S&P/ASX200 index was down 13.1 points, or 0.27 per cent, at 4886.5, while the broader All Ordinaries index declined 16 points, or 0.32 per cent, to 4913.5.
On the Sydney Futures Exchange, the March share price index futures contract was six points lower at 4865 on volume of 10,802 contracts.
Ord Minnett's private client adviser, Jon Hancock, said the overall market was proving resilient in the face of lower commodity prices and US investment bank JPMorgan's December quarter loss in retail banking announced on Friday.
"The market is quite resilient given the results out of the US, particularly the results from JPMorgan which indicated consumer debt issues," Mr Hancock said.
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"Commodities came down a little bit, between 0.6 per cent and 1.5 per cent. They've had a pretty good run and volumes are still holding up."
BHP Billiton fell 55 cents, or 1.26 per cent, to $43.10, while rival Rio Tinto lost 53 cents, or 0.67 per cent, to $78.09.
But Australia's major lenders climbed higher, led by ANZ, up 43 cents, or 1.92 per cent, at $22.86.
"Our banks are being propped up by the profit upgrade given by Commonwealth Bank (CBA) on Friday afternoon," Mr Hancock said.
CBA firmed 33 cents, or 0.57 per cent, to $58.43, Westpac gained 20 cents, or 0.78 per cent, to $25.70, and NAB put on 12 cents, or 0.44 per cent, to $27.42.
Elsewhere, wealth manager IOOF jumped 32 cents, or 5.32 per cent to $6.34 on a report over the weekend that ANZ may make a bid for the company.
By 1214 AEDT, other wealth managers were mixed, with AMP Ltd gaining 10 cents, or 1.54 per cent, to $6.61, while takeover target AXA Asia Pacific Holdings slipped two cents to $6.65.
Major oil stocks were mixed, too, with Oil Search firming one cent to $6.04, Santos up eight cents at $13.84, and Woodside Petroleum down 39 cents at $47.26.
Major gold miners also were mixed as the spot price of gold in Sydney was $US1130.20 per fine ounce at 1216 AEDT, down $US8.65 on Friday's close of $US1138.85.
Lihir Gold added two cents to $3.31, Newcrest Mining fell 27 cents to $35.90 and Newmont Mining lost seven cents to $5.11.
Lihir announced it had achieved its production guidance for fiscal 2009, but that its chief executive officer, Arthur Hood, had resigned with immediate effect.
Major retailers mostly were weaker with the exception of JB Hi-Fi, up five cents at $21.90.
Woolworths fell 23 cents to $27.71, Wesfarmers dropped 37 cents to $30.68 and Harvey Norman lost four
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