Australian shares lower at midday THE Australian share market has shed more than 1.3 per cent, with falls across all major sectors. The dive into the red came despite encouraging employment data showing a 0.1 per cent fall in unemployment to 5.5 per cent in May. Economists had predicted the unemployment rate to rise to 5.6 per cent for the month. The Australian bourse was not alone in its move downwards. Tokyo stocks tumbled more than three per cent in early trade after sharp falls on Wall Street amid fears the Federal Reserve will reduce its monthly bond purchases in coming months. Local losses today would mean a 13th day of falls in 17 trading sessions and the ASX facing a fifth consecutive week in the red. The biggest losses were in the consumer discretionary sector, which fell 2.64 per cent, followed by the energy sector which lost 2.48 per cent. Market heavyweight global miner BHP Billiton had shed 83.5 cents, or 2.53 per cent, to $32.14, while telecommunications giant Telstra had lost a relatively modest three cents, or 0.65 per cent, to $4.58. The big banks were mixed, with CBA losing 56 cents, or 0.86 per cent, to $64.56, and NAB dropping eight cents, or 0.28 per cent, to $27.97. But ANZ Bank found 16 cents, or 0.6 per cent, to $26.71 and Westpac gained 16 cents, or 0.58 per cent, to $27.63. In equities news, Suncorp has sold a $1.6 billion non-performing loan portfolio to Goldman Sachs for 60 cents in the dollar. The portfolio includes loans related to corporate and property assets. Suncorp shares were down 19.5 cents, or 1.6 per cent, to $11.66. At noon AEST today, the benchmark S&P/ASX200 index was 64.7 points, or 1.37 per cent, lower at 4659.8. The broader All Ordinaries index was down 64.9 points, or 1.38 per cent, at 4651.2. The June share price index futures contract was 69 points lower at 4661, with 18,260 contracts traded. National turnover was 805.4 million securities worth $2.2 billion.