The Australian share market has pulled back from morning gains to trade lower at noon with the miners, energy and industrials sectors weighing the most.
The benchmark S&P/ASX200 index was down 0.16 per cent at 6,126.1 points, as losses by the resource companies offset gains by the banks, healthcare and information technology stocks.
Energy stocks Woodside Petroleum had dropped 0.8 per cent to $34.38, Oil Search hd fallen 0.1 per cent to $8.055 and Origin had shed 1.7 per cent to $9.59, by midday despite another lift in oil prices overnight.
Gold miners were weighing on the resource sector after the gold futures price dipped during the offshore session.
Newcrest Mining was down 2.6 per cent at $22.59, Evolution fell 1.2 per cent to $2.51, and Regis Resources declined 0.9 per cent to $4.28.
Global mining giants BHP Billiton and Rio Tinto were both higher – up 0.4 per cent and 0.7 per cent, respectively, – while Fortescue Metals was down one per cent.
Better performing companies included healthcare giants CSL and Cochlear, up 0.8 per cent at $143.05 and 0.7 per cent at $174.69, respectively, while technology stocks Computershare and Carsales.com were each up 1.2 per cent.
The big four banks were mixed with National Australia Bank down 0.1 per cent, while Commonwealth Bank, Westpac and ANZ rose between 0.2 per cent and 0.3 per cent.
Shares in AuMake, an Australian retailer that sells local goods aimed at the Chinese, dropped 7.6 per cent to 49 cents after it cancelled its capital raising.
While, insurance giant QBE Insurance Group was flat at $10.535 after naming Vivek Bhatia as its new chief executive for its Australian and New Zealand business.
Meanwhile, the Australian dollar has fallen against a stronger greenback which has risen on a sharp jump in US bond yields.