Shares down almost 2pc at noon

THE share market was lower at noon, as nervous local investors await the outcome of tonight's US House of Representatives vote on a new version of the $US700 billion ($888 billion) bailout of the financial markets. At 12.00pm (AEST), the benchmark S&P/ASX200 was down 86.3 points, or 1.81 per cent, at 4674.8, while the broader All Ordinaries had lost 94.3 points, or 1.98 per cent, to 4679.8. The December share price index futures contract had fallen 59 points at 4716, on a volume of 14,015 contracts. Macquarie Equities associate director Lucinda Chan said the banking sector was leading the way down. "This morning, we opened up with the banks and also the resources being very badly hit," Ms Chan said. "I think the resources have picked up a little bit but the banks are still soft (although) they're not at their worst levels.... [read full story]