The Australian share market was lower at noon, dragged down by miners and energy producers after commodity prices fell overnight.
All Ordinaries index had fallen by 39 points, or 0.77 per cent, to 4,892.
Analyst said "What cast a bit of a pall over the market certainly at the open was no positive lead from around the world or from commodities, as well as the downgrade from Worley Parsons. "When we get into the reporting season proper, in late February, we will be well passed 5,000 by then. A lot of the results will be better than people expected."
Total personal finance commitments rose 1.1 per cent in November, seasonally adjusted, to $7.053 billion, from $6.959 billion in October, the Australian Bureau of Statistics (ABS) said on Wednesday.
The Darwin-based uranium miner Energy Resources of Australia(ERA) says production of uranium oxide has fallen, because of work to fix an unstable area of its mine and lower average uranium grades. ERA - which mines at the Ranger Mine in Jabiru east of Darwin - produced 5,240 tonnes of oxide in 2009.That is down 2 per cent from 2008. Cazaly Resources Ltd (CAZ) says a pre feasibility study has confirmed the technical and economic viability of its Parker Range iron ore project in Western Australia.
Cazalys says the projects close location to existing and accessible infrastructure including road, rail, and port, will allow for the relatively rapid ramp up to full production of 4 million tonnes per annum within 1.5 years. The company is aiming for its first shipment of ore form the project in the third quarter of 2011. Shares in Cazaly Resources are up 18.52% to $0.32.
The best performing sector at midday is the Telco Services index up 15 points at 1,153.
The worst performing sector at midday is the Energy index, down 289 to 16,255.
Gold is trading at US$1,130.90 an ounce and the Aussie dollar is trading at 92.21 US cents.
GSE: Good profit with bounce trade .057c/.061c WOR: Holding from $25.88(Profit is still 300m,why fear?) BMN: Still holding(after anns, I may see $1) RIO: Took profit with short
