At lunchtime AEST on Thursday, the benchmark S&P/ASX200 index was down 67.9 points, or 0.9 per cent, to 7,736.6, while the broader All Ordinaries was down 67.2 points, or 0.83 per cent, to 8,009.5.
Eight of the ASX's 11 sectors were lower at midday, with energy, consumer staples and utilities all up around a third of a percentage point.
The financial sector was the biggest mover, dropping 1.6 per cent amid losses for all the big four banks.
CBA was down 1.9 per cent to $117.48 as Australia's biggest bank announced its profit was down five per cent to $2.4 billion last quarter, compared to a year ago.
Saxo Asia Pacific senior sales trader Junvum Kim said that CBA's performance was "muted," hampered by shrinking margins amid heightened competition and rising operating expenses.
Westpac, trading ex-dividend, was down 5.6 per cent to $26.34, while NAB and ANZ were down 1.0 and 1.1 per cent, respectively.
In the heavyweight mining sector, BHP was down 0.5 per cent, Fortescue had fallen 0.8 per cent and Rio Tinto had dropped 0.4 per cent.
Several retailers were doing poorly on trading updates.
Baby Bunting plunged 21.1 per cent to a three-month low of $1.50 after announcing that same-stores were down 7.4 per cent in the first four months of 2024, compared to the same period in 2023.
"While we have been an improving trend in transactions in 2H compared to 1H, this was heavily impacted by a declining average transaction value driven by consumers trading down and ongoing competition in nursery essentials impacting market price," chief executive Mark Teperson said.
Temple & Webster had dropped 10.1 per cent to $11.34 despite the furniture e-retailer announcing its sales have been up 30 per cent so far year-to-date.
Chief executive Mark Coulter said that the overall furniture and homewares market was down four per cent during the same period due to cost-of-living pressures, but Temple & Webster was making significant market share gains.
JB Hi-Fi was down 3.7 per cent to $57.75 as the electronics retailer said that same-store sales at its Australian JB Hi-Fi stores were down 0.3 per cent last quarter.
"In a challenging and competitive retail market, the group's Q3 FY24 sales remained resilient and in line with the group's expectations," the company said.
The Australian dollar was buying 65.75 US cents, from 65.78 US cents at Wednesday's ASX close.
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