THE share market was weaker at noon, dragged lower following the sale of a major holding in energy group Woodside Petroleum.
At noon (AEDT), the benchmark S&P/ASX200 index was down 23.8 points, or 0.5 per cent, at 4754.6 points, while the broader All Ordinaries index had fallen 22.2 points, or 0.46 per cent, to 4833.1 points.
On the ASX 24, the December share price index futures contract was down 37 points at 4769, with 18,695 contracts traded.
For around every three stocks falling in the S&P/ASX50, there was one decline.
RBS Morgans director of equities Bill Chatterton said the sale of Shell's holding in Woodside Petroleum was the major factor in a softer market today.
Royal Dutch Shell has sold around a 10 per cent stake in Woodside Petroleum, worth $3.3 billion.
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At midday, Woodside was the worst performer on the S&P/ASX 50, down $2.43, or 5.3 per cent, at $43.43. The Shell stake changed hands at $42.23.
"Woodside, with Shell selling 10 per cent of its stake, that has been knocked down quite a bit," Mr Chatterton said from Brisbane.
"That Shell is selling out of it is a little bit of a negative in the short-term, but I don't think (so) in the longer term."
Fellow energy shares were weaker at 12.04pm.
Oil Search was 20c weaker at $6.74, while Santos was 14c down at $13.16.
Mr Chatterton said local investors received little direction from US equities.
Wall Street closed mixed following yesterday's offshore session after a slow day of trading marked by some profit taking and concerns over the European economy.
The blue-chip Dow Jones Industrial Average dropped 37.24 points, or 0.33 per cent, while the broader S&P 500 index declined 0.21 per cent, but the Nasdaq composite index was up 0.04 per cent.
"We did not have much of a lead from our mates overseas," he said.
"The Dow was down 37 points, which is neither here or there."
At 12.06pm, mining giant BHP Billiton was down 57c, or 1.26 per cent, at $44.49, while Rio Tinto was down 25c at $87.15.
Fortescue Metals was down 3c at $6.76.
The spot price of gold in Sydney was $US1404.60 per fine ounce at 12.08pm, up $US13.52 from yesterday's local close of $US1391.08.
The precious metal went through $US1400 for the first time during yesterday's offshore session.
Gold miner Newcrest Mining was up $1.06, or 2.49 per cent, at $43.71.
"Newcrest is the only one to have done anything much," Mr Chatterton said.
The banks were mostly weaker.
ANZ was down 9c at $23.98, Commonwealth Bank was 35c lower at $48.49 and National Australia Bank was down 14c at $25.87.
Westpac bucked the negative trend, rising 5c to $22.34 by 12.12pm.
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