Australian stocks were trading lower at noon, with weakness among mining and financial stocks dragging the broader market down.
All Ordinaries index had fallen 45.5 points, or 0.93 per cent, to 4,850.8 points.
Analysts "What we've seen in terms of the global lead offshore has given people a little bit of a chance to take profit. I think the market in Australia, if you take away the good lead, has probably wanted to take a bit of profit and pull back. We're having a bit of a down day which has extended a bit further than most people would have anticipated. We've actually seen sustained selling throughout the day."
Western Areas NL (WSA) has announced the pricing for $125 million of convertible bonds, due in 2015. The nickel producer says the bonds are to be issued at a premium of about 28% to its last sale price and will pay a coupon of 6.4%. Western Areas will use the proceeds to pay down bank debt to push ahead with exploration and mine development. The company says the offer was significantly oversubscribed, with strong demand from investors in all major capital markets, including the UK, Europe and Asia Pacific. Shares in Western Areas are down 3.47% at $5. The best performing sector at midday is the Healthcare index, up 103 points at 9,161.
The worst performing sector is the Energy index, down 180 points to 15,838.
Gold is trading at US$1,090.75 an ounce and the Aussie dollar is trading at 90.84 US cents.
QUIXK TRADES FAS: .061c/.066 OBL: .02/.025 and .03c/.033c(This is still very risky,Don't get burnt)
