THE stock market was half a per cent lower at noon, led by falls in financial and energy stocks, as investors approached the end of the week with caution.
At 12.25pm (AEST), the benchmark S&P/ASX200 index was down 25.6 points, by 0.51 per cent, at 4976.3 points, while the broader All Ordinaries index had fallen 24.9 points, or 0.5 per cent, to 4999.2 points.
On the Sydney Futures Exchange, the June share price index contract was 28 points lower at 4989 on volume of 12,060 contracts.
With oil prices lower overnight, local energy stocks generally were lower, too.
At 12.28pm (AEST), oil and gas producer Woodside Petroleum was 1.5 per cent lower, by 71 cents at $46.79. Santos was down 25 cents, or by 1.7 per cent, at $14.42, while Oil Search was relatively flat, down by just one cent, by 0.2 per cent, at $5.84.
All the major banks were down, as well. ANZ was the heaviest fall, down 1.2 per cent, by 30 cents, at $25.67.
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The other of the Big 4 banks fared slightly better. Commonwealth had fallen by just one cent at $59.27 at 1232 AEST, NAB was almost half a per cent lower - with market - by 12 cents at $28.33, and Westpac was four cents lower at $28.20.
In the US overnight, stock markets were up as the major indices batted off concerns about Greece's debt woes and an unexpected rise in US jobless claims.
After spending much of the day in the red, the Dow Jones Industrial Average rose 21.46 points (0.19 per cent) to 11,144.57 at the close.
Trading was busy with turnover of $2.1 billion after two hours, comprising 394 rises, 501 falls and 371 steadies.
BHP Billiton topped the turnover by value list with trading worth $239 million and declined 36c to $43.53.
Rio Tinto lost 38c to $79.67, Alumina gave back 3.5c to $1.69 and OZ Minerals dropped 2.5c to $1.24.
However, goldminers found good support with Newcrest up 57c at $34.72, Lihir improved 5c to $3.99 and Oceanagold gained 2c to $2.75.
National eased 4c to $28.41 and Westpac slipped 1c to $28.23 while Commonwealth held onto a 7c rise at $59.35.
Macquarie Group fell 27c to $51.48, QBE declined 12c to $22.08, AXA rose 6c to $6.41, Westfield shed 10c to $12.47, Onesteel gave back 9c to $3.97, James Hardie fell 6c to $7.12, Computershare gained 12c to $12.68, Ten Network added 2c to $1.845, Billabong rose 23c to $11.92, Wesfarmers declined 48c to $32.27, Leighton shed 10c to $37.55, Qantas improved 4c to $3, Woolworths dipped 5c to $27.33 and CSL rose 40c to $37.06.
Shares of Macarthur Coal soared $1.23 to $16.51 after Peabody Energy increased its takeover offer to $16 per share, conditional on Macarthur's proposed transaction with Gloucester Coal and its major shareholder, Noble Group, not proceeding.
Macarthur directors are meeting today to consider the revised Peabody offer, which trumps rival bidder New Hope Corporation's revised offer of $14.50 per share announced yesterday.
Gloucester Coal rose 4c to $12.24 but Centennial Coal slumped 19c to $4.34.
In New Zealand the NZX 50 index fell 4.4 points to 3316.7 while Tokyo's Nikkei was 139 points lower at 11,134 and Hong Kong's Hang Seng had declined 99 points to 22,059.
Gold is worth $US1155.55 an ounce and the dollar is changing hands at US93.1c.
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