The share market is in negative territory again, putting it on track for its fourth straight day of losses.
The S&P/ASX 200 and All Ordinaries indexes were around a 0.6 per cent lower as of 1013, after initially starting in positive territory.
CommSec market analyst Tom Piotrowski said traders were looking for a reason to stop the selling after several days of weakness.
“I think the market at the moment is struggling to find catalysts, not so much to move higher but just to consolidate,” he said.
He said Wednesday’s economic growth numbers had not provided the confidence boost many had hoped for, despite showing a better than expected 0.9 per cent growth during the March quarter.
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Among the major banks, the Commonwealth was down one cent to $81.56, while ANZ lost 11 cents to $31.18, Westpac was eight cents weaker at $31.80, while National Australia Bank fell one cent to $32.99.
In the resources sector, BHP Billiton was down 27 cents at $28.26, while Rio Tinto dropped 67 cents to $56.83, and Fortescue Metals was four cents lower at $2.39.
Shares in grocery retailer Metcash slumped 24 cents, or 17 per cent, to a 14 year low of $1.15 per share after it announced $640 million in writedowns and impairments and said it would stop paying dividends.
Meanwhile, Qube shares lost 16 cents, or six per cent, to $2.61 after the logistics and infrastructure company warned it was facing tough trading conditions.
