The Australian share market has started the day off weaker once again with the S&P/ASX 200 index down 0.1pct or 2.2pts to 4219.9. Believe it or not, 10 of the last 11 sessions on our local market have been down days. We did not receive a lead from US markets overnight due to the Independence Day public holiday, however European markets provided a weaker lead after hitting 6 week lows overnight.

Our miners are the biggest drag at lunch with both BHP Billiton (BHP) and RIO Tinto (RIO) falling in early trade. BHP is down 0.84pct or 31cents whilst RIO is down a more significant 1.39pct or 98cents to $64.34. Australia's third largest iron ore producer, Fortescue Metals Grp (FMG) is down 0.74pct or 3cents to $4.07.

Building and construction materials provider, Boral Limited (BLD) went into a trading halt this morning at the request of the company, pending the release of an announcement. Soon after, BLD announced plans to raise $490 million via a capital raising aimed at helping strengthen the company's balance sheet and fund investments in the future. BLD remains in a trading halt at lunch.

Our banks started the day off weaker with the majors down around 0.5pct however turned after around 1 hour of trade. Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and ANZ Banking Group (ANZ) are currently the best performers. All three banks are up just over 1pct. Westpac (WBC) is also gaining quite strongly.

Our retailers are currently mixed, the energy sector and the industrials are both slightly stronger and the consumer discretionary sector is off by around 0.5pct.

In the rural sector AWB Limited (AWB) is down 1.57pct or 1.5cents to 94cents whilst Australian Agricultural Company (AAC), which is the largest producer of beef cattle, is down is off by 1.34pct or 2cents to $1.47.

On the economic front, trade balance results were released around 30 minutes ago and saw seasonally adjusted balance on trade for goods and services beating expectations to a surplus of $1.65 for May.

The Australian dollar (AUD) has gained over the last 20 minutes and is currently buying US83.54c.

Provided by Comsec.com.au