THE stock market was marginally lower at noon, with banks and mining stocks coming under selling pressure following a weak US lead, but Fairfax delighted the market with a strong profit result.
At 12.02am (AEST), the benchmark S&P/ASX200 index was down 8.3 points, or 0.19 per cent, at 4347.7 points, while the broader All Ordinaries index dropped seven points, or 0.16 per cent, to 4382.4 points.
CommSec market analyst Juliette Saly said weakness in the domestic sharemarket was "nothing too significant" and "a pretty good outcome" given Wall Street eased by three quarters of one per cent overnight.
"We had a really good gain yesterday and we're only giving back a little bit of that," Ms Saly said.
"There will be a bit of trepidation in afternoon markets, I think, as investors or traders look towards the Dow futures.
"We've got the GDP (gross domestic product) figures from the US out tonight and it's expected to be revised downward, which could cause a little bit of concern."
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At 12.03pm (AEST), diversified miner BHP Billiton was 37 cents lower at $37.02, while Rio Tinto had shed 85 cents to $68.75.
Among the major banks at 12.04pm (AEST), National Australia Bank had dipped 17 cents to $22.84, Commonwealth Bank had given up five cents to $48.93, Westpac had eased six cents to $21.49 and ANZ had retreated 17 cents to $22.30.
Ms Saly said Fairfax's lift in annual net profit to $282.12 million from a loss of $380.05 million in the prior financial year was widely welcomed as the domestic profit reporting season comes to an end.
"It looks really strong and is being well received by the market," she said.
Shares in Fairfax were up six cents, or 4.41 per cent, at $1.42 at 12.06pm (AEST).
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