THE stock market was lower at noon, dragged down by financial stocks.
At 12:15pm (AEST), the benchmark S&P/ASX200 index was down 4.8 points, or 0.1 per cent, at 4,566.8 points, while the broader All Ordinaries index had fallen 5.3 points, or 0.12 per cent, to 4,581.2 points.
On the Sydney Futures Exchange, the September share price index contract was one point lower at 4,536 points, with 11,997 contracts traded.
The market opened about 0.3 per cent lower, but trimmed losses during the morning.
At 12:10pm, there were about 11 stocks down for every 10 that had managed a gain.
The worst performer on the S&P/ASX100 was AXA Asia Pacific, which was off 2.78 per cent, or 15c at $5.25.
The wealth manager reported a 19 per cent drop in first half net profit.
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The major retail banks were also down at 12:15pm.
ANZ had fallen 15c to $23.22, CBA was off 21c at $53.54, NAB was 7c lower at $25.09 and Westpac had slipped 28c to $24.02.
Macquarie Private Wealth associate director Lucinda Chan said the market was experiencing flat trading conditions.
"The financials are down a little bit," Ms Chan said.
Ms Chan said the energy sector and defensive stocks such as healthcare companies had held up quite well.
In the news on Wednesday, Kathmandu shares were down 21c or 12.5 per cent at $1.47 at 12:30pm, after the retailer reported lower earnings than forecast for 2009/10.
Ms Chan said the soft Kathmandu result had hurt other retail stocks.
"Retailers are still struggling, there is a challenge in that field," Ms Chan said.
At 12:30pm, David Jones was off 10c at $4.68, Harvey Norman was down 4c at $3.48 and Myer was down 4c at $3.47.
On Wall Street, the Dow Jones industrial average fell 0.36 per cent, S&P500 index fell 0.48 per cent and the Nasdaq fell 0.52 per cent.
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