THE share market's downard run continued to noon today, after opening lower following losses on Wall Street overnight and disappointing profit results.
At midday (AEST), the benchmark S&P/ASX200 index was down 45.2 points, or 1.01 per cent, at 4433.8, while the broader All Ordinaries index had dropped 44.2 points, or 0.98 per cent, at 4465.4.
On the Sydney Futures Exchange, the September share price index contract was 48 points lower at 4406, on volume of 13,897 contracts.
Austock Securities senior client adviser Michael Heffernan said losses on global markets in response to the US unemployment figures had dragged the local market lower today.
But Wall Street had overreacted to the news, he said.
"I think the Americans have overdone it ... on the basis of those labour market figures," he said.
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"To make it comparable in Australian terms, it'd be less than if 1000 people applied for unemployment benefits. That's hardly something to get you all in a lather, frankly."
He said the ongoing uncertainty surrounding BHP Billiton's proposed takeover of Potash Corp of Saskatchewan was also weighing the market down.
Shares in BHP were down 50c at $37.80 by 12.10pm.
Fellow mining giant Rio Tinto had dropped $1.65, or 2.25 per cent, at $71.53 and Fortescue Metals was down 6c at $4.58.
Mr Heffernan said Billabong could be bargain-hunter territory after shares in the surfwear brand fell when it reported full year net profit and revenue losses.
"It certainly got hit very hard by the market, but when I looked at the details of it, it wasn't too bad frankly, so again, the market has probably overdone it.
"If good stocks go down, that's good buying opportunity."
Billabong shares were down 88c, or 9.88 per cent, at $8.03.
There were losses across the financials sector, with the exception of ANZ.
ANZ shares were up 29c, or 1.29 per cent, at $22.69, after it reported an unaudited underlying profit after tax for the nine months to June 30 of around $3.6 billion, up 26 per cent on the corresponding period in 2009.
Among the other major banks at 12.17pm, Commonwealth was down 65c at $49.71, Westpac was down 42c at $22.52 and National Australia Bank fell 52c, or 2.13 per cent, at $23.88.
Making news today, takeover target and wheat exporter AWB said that Canadian predator Agrium had completed its due diligence enquiries and had executed a scheme implementation agreement with AWB.
AWB shares were 3.5c higher, or 2.41 per cent, at $1.485.
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