The Aussie market is underwater heading into the afternoon session, currently 25 points (-0.6%) weaker at 4280.
Most sectors are weaker with materials, IT and energy plays the weakest whilst utilities consumer staples and consumer discretionary stocks are the better performers.
In company news, Gunns revealed a 1H FY12 net loss of $173.3 million, a larger loss than the $4.65 million in the previous corresponding period.
Elsewhere, Caltex posted a FY12 net loss of $714 million, a big swing from the $317 million profit from FY11.
Around the region, Asian markets are mainly stronger; the Hang Seng and Nikkei are both up 0.5%.