THE stockmarket had fallen from earlier highs at noon as fears over the European debt situation applied pressure to industrial and materials stocks.
At noon (AEST), the benchmark S&P/ASX200 index was down 0.7 point, by 0.08 per cent, at 4466.5 points, while the broader All Ordinaries index had fallen 3.4 points, or 0.08 per cent, at 4497.3 points.
On the Sydney Futures Exchange, the June share price index futures contract was 17 points lower at 4478 points, with 24,341 contracts traded.
IG Markets analyst Ben Potter said that the uncertainty over support for the IMF bailout in Europe had affected markets.
"Fears in Europe continue to rattle the market," Mr Potter said.
"The worst performers are the industrial stocks ... Financials are a mixed bag."
At 12.01pm (AEST), Commonwealth Bank was up 64 cents, or 1.23 per cent at $52.68, Westpac was up 14 cents, or 0.6 per cent, at $23.42, NAB was seven cents lower, by 0.28 per cent, at $24.78, and ANZ had dropped 42 cents, or 1.90 per cent, to $21.73.
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At 12.14pm (AEST), Toll road operator Transurban was down 25 cents, or 5.35 per cent, at $4.23. Transurban last week rejected a takeover bid from its three major shareholders, deciding to pursue a capital raising to finance its acquisition of Sydney's Lane Cove Tunnel.
The major miners, Rio Tinto and BHP Billiton, were higher, Rio increasing 19 cents, 0.3 per cent, to $64.34, and BHP 40 cents, 1.08 per cent, to $37.29.
Takeover target Macarthur Coal Ltd was down $1.42, or 10.64 per cent, at $11.93 after it rejected a revised offer from US-based Peabody Energy Corporation.
The spot price of gold in Sydney was $US1,225.60 per fine ounce, down $US11.40 on yesterday's closing price of $US1,237.00.
At 12.17pm (AEST), Lihir was down four cents, or 0.96 per cent, at $4.12 and Newcrest Mining had dropped 31 cents, or 0.92 per cent, to $33.24.
CVS profits climb 4.5 percent in 1st quarterStocks lower on Europe debt fears
