THE share market continued to ease at noon (AEDT), restrained by banking major ANZ on a poorly received trading update.
At midday (AEDT), the benchmark S&P/ASX200 index was down 5.5 points at 4932.9, while the broader All Ordinaries index was 3.2 points lower at 5022.8.
On the ASX 24, the March share price index futures contract was three points lower at 4911 with more than 13,658 contracts traded.
Macquarie Private Wealth adviser Helen Spencer said the Australian sharemarket was easing after an underwhelming performance from the resource and financial sectors.
"Despite some positive offshore leads, the market is having a bit of a retreat ... dragged down by a bit of weakness in the banks and certainly a little bit of weakness in the resource majors," Ms Spencer said.
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ANZ's disappointing first quarter trading update had weakened the banks, she said.
"The trading update from ANZ disappointed the market so that stock is marked down quite heavily at the moment.
"That's taking the wind out the rest of sector."
ANZ was among the worst performing shares in the ASX 50, down 71c, by 2.77 per cent, at $24.94 after reporting a first quarter underlying profit up 27 per cent.
NAB was down 4c at $26.38, Westpac was 4c higher at $24.33, and Commonwealth Bank shares were 1c lower at $53.98.
Mining giant BHP Billiton was down 11c at $46.53 after reporting earlier in the week a 71.5 per cent rise in first half net profit.
Rio Tinto fell 25c to $87.40.
Among other companies reporting, iron ore miner Fortescue Metals Group jumped 7c, or 1.02 per cent, to $6.94 after booking a seven-fold increase in first half profit.
Wealth Manager AMP was one of the best performers in the ASX 50, trading 13c higher, by 2.4 per cent, at $5.63.
Minara Resources was up 2.5c, or 2.86 per cent, at 90c after increasing full year net profit by 21 per cent on stronger nickel prices.
Macarthur Coal fell 8c to $12.44 after cutting its full-year production target by as much as 18 per cent after rain and flooding affected operations.
Housing materials supplier James Hardie Industries rose 7c, or 1.1 per cent, to $6.64 after reporting a third quarter loss of $US26.4 million ($26.15 million), bringing total losses for the year to $US345.2 million ($341.97 million).
The world's largest scrap metal recycler, Sims Metal Management, was 36c higher, or 1.9 per cent, at $19.31 after increasing first half profit by 23.6 per cent.
Consolidated Media Holdings rose 7c, or 2.4 per cent, to $2.99 after posting an 87 per cent fall in reported half year net profit.
The highest traded share by volume by 12.27pm was Cluff Resources, with 132 million shares changing hands for $728,000.
Cluff resources shares were trading up 0.1 cent, by 20 per cent, at 0.6 cent, after saying on Wednesday that a 500kg sample of material from its gold licence in Madagascar had arrived in Perth for sampling.
National turnover at 12.30pm was 1.41 billion shares worth $2.16 billion, with 533 shares up, 482 down and 408 were unchanged.
1 big trade led to market plungeANZ shares jump after profit result
