BROAD market weakness saw the share market lower at noon, with investors spooked by international events.
At 12pm (AEDT) the benchmark S&P/ASX200 index was down 9.9 points, or 0.2 per cent, at 4,881.6 points, while the broader All Ordinaries index had fallen 10.7 points, or 0.22 per cent, to 4,892.5 points.
CMC Markets analyst David Taylor said the market was lower on the back of international events.
"I think the market was a little bit spooked by news that Fitch had downgraded the sovereign credit rating for Portugal," Mr Taylor said.
"When you combine that with worse-than-expected new home sales data from the US, we saw the Euro come off a little bit, and we saw money fly into the US dollar, which hasn't done any favours for base metals, oil and gold," Mr Taylor said.
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Shares in resources giant BHP Billiton were down 13 cents at $43.23, while Rio Tinto had gained 45 cents to $77.65.
The big banks mostly were down at noon, with Commonwealth Bank falling 20 cents to $57.01, ANZ off nine cents at $25.28 and Westpac losing 20 cents to $27.56.
Macquarie Group had fallen 17 cents to $49.74, but the NAB had risen 18 cents to $27.55.
Energy stocks were mixed, amid rumours energy company Woodside Petroleum may be poised to mount a takeover bid for gas giant Santos.
"It is just speculation at this stage," Mr Taylor said.
Shares in Santos had risen 56 cents, or 3.9 per cent, to $14.93, while Woodside shares were down 44 cents at $46.98.
Oil Search was down two cents at $5.94 and Origin Energy had gained 28 cents at $16.94.
Gold miners were lower after the price of the precious metal dropped.
The the spot price of gold in Sydney was $US1,087.90 per fine ounce, down $US12.90 from Wednesday's close of $US1,100.80 per ounce.
Shares in Lihir Gold had dropped seven cents at $3.01, while Newcrest had fallen 50 cents at $32.84.
News Corp was 39 cents stronger at $18.62 and its non-voting scrip also had gained 39 cents, to $15.80.
Fairfax shares had lost three cents at $1.805 and Consolidated Media was off two cents at $3.31.
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