THE share market remained lower at noon as resource and financial stocks continued to fall in morning trade.
At 12.05pm (AEST), the benchmark S&P/ASX200 index was down 47.1 points, or 1.05 per cent, at 4438.9, while the broader All Ordinaries index was down 43.2 points, or 0.96 per cent, at 4463.
On the Sydney Futures Exchange, the June share price index futures contract was 39 points lower at 4447, on volume of 16,337 contracts.
Weaker metals prices saw major resources stocks sold off from the open today, while most other sectors posted modest falls.
Bell Potter senior adviser Stuart Smith said volumes were low as investors awaited the release of employment data in the US tonight (AEST).
"That's probably softened the effect today, but commodities were all sold down last night so you've got your market leader sold down," Mr Smith said.
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"Plus, there's more talk about the controversial, theoretical super profits tax, so negative sentiment is taking charge today."
BHP Billiton was down 99c, or 2.56 per cent, at $37.75, and Rio Tinto was down $1.32, or 1.91 per cent, at $67.73.
Fortescue Metals lost 9c to $4.16 and OZ Minerals was down 2.5c at $1.05.
Steelmakers were lower, too. OneSteel was down 8c at $3.08 and Bluescope 6c weaker at $2.30.
Among the major banks, Commonwealth Bank was down 73c at $51.22, ANZ was off 19c at $22.56 and Westpac was 40c lower at $22.68.
National Australia Bank was down 93c at $24.16 after going ex-dividend today.
NAB announced it is in discussions with takeover target AXA Asia Pacific Holdings and the competition regulator over a possible divestment of AXA APH's North investment platform.
There are no assurances the divestment will occur or that it would address the competition concerns relating to NAB's bid for AXA APH, the bank said.
Mr Smith said NAB's shares were higher, in effect, taking into account that the bank paid out $1.05 to shareholders today.
AXA shares were up 7c at $5.99, and NAB's rival bidder for AXA APH, AMP, was down 4c at $5.75.
Elsewhere in insurance, QBE was up 11c at $19.18, Suncorp had gained 1c to $8.20, and IAG was down 4c at $3.37.
Stocks lower at noonStocks slide on weak jobs report
