The Australian stock market was slightly weaker at Thursday noon, following a negative lead from the US markets overnight.

At midday east-coast time, the benchmark S&P/ASX200 index slumped 0.11 per cent to 4,619.7 points. The broader All Ordinaries index took off 0.14 per cent to 4,667.8 points.

On a sector-by-sector basis, health was the best performer, up 1.08 per cent, followed by information technology and materials, which edged up 0.44 and 0.37 per cent respectively. Six subindices lost, with the consumer discretionary and financials the worst off, after falling 0.97 and 0.49 per cent.

On the Sydney Futures Exchange, the December share price index futures contract slid 11 points at 4640, on a volume of 10,296 contracts.

There was little momentum in the local market, according to CMC Markets market analyst David Taylor.

''We got a negative lead from Wall Street overnight.''

''The only disparity is that base metals prices seem to continue their run up, probably on the back of the lower US dollar, and we've seen gold (the gold price) higher.

''So the materials sector is sticking out like a sore thumb.''

Mr Taylor said investors seemed indifferent, with no material developments overnight to push the market higher.

In the local resources sector, market heavyweight BHP Billiton put on 0.56 per cent to $39.12 despite news that takeover target Potash Corp is suing the global miner.

Rio Tinto added 0.9 per cent to $75.58, while Fortescue Metals Group climbed 0.6 per cent to $4.97.

The big four banks were largely lower, as ANZ Banking Group was flat at $23.81, Commonwealth Bank of Australia dipped 0.66 per cent to $52.15, National Australia Bank returned 0.3 per cent to $25.78 and Westpac Banking Corp edged down 0.38 per cent to $23.46.

Investment bank Macquarie Group lost 0.87 per cent to $36.34.