The Australian share market has seen a second consecutive morning of losses as stocks slipped more than 0.5 per cent.

The S&P/ASX200 benchmark index was down by 28.8 points, or 0.53 per cent, to 5355.8 at 1200 AEST on Thursday.

The All Ordinaries index was 24.6 points lower, or 0.45 per cent, at 5440.2.

The financial, industrial and energy sectors were the biggest drags on the market – each down by more than 1.0 per cent.

CommSec market analyst Steven Daghlian said despite a second consecutive day of losses, the market was still about 2.3 per cent higher this week thanks to gains on Monday and Tuesday.

“We’re seeing the market treading water. We’re down slightly today … but so far it’s been a decent week for the market,” he said.

However, he warned US unemployment data, due to be published after the local market closes, could show enormous impact from the COVID-19 pandemic and rattle investors.

Meanwhile, among the big banks, ANZ lost 26 cents, or 1.6 per cent, to $15.94, Commonwealth Bank slipped 92 cents, or 1.52 per cent, to $59.43, NAB dropped 29 cents, or 1.75 per cent, to $16.30, and Westpac was down 20 cents, or 1.25 per cent, to $15.76.

Among the biggest losers in ASX energy stocks were Oil Search, down 8.0 cents, or 2.71 per cent, to $2.87, and Santos, which lost 11 cents, or 2.27 per cent, to $4.74.

Those results came after the S&P 500 and the Dow fell overnight amid declines in financials and defensive groups.

Oil dropped 4.0 per cent overnight to below $US30 a barrel as US crude stockpiles ticked up and diesel inventories swelled.

Aussie market heavyweight CSL said it had raised $US750 million ($A1.2 billion) in debt through a private placement, which it would use for general purposes.

The news had little impact on CSL’s price, which was up 18 cents, or 0.06 per cent, to $306.96.

The big miners had mixed results. BHP was up 42 cents, or 1.38 per cent, to $30.83, Rio was lower by 75 cents, or 0.91 per cent, to $81.24, while Fortescue was up 15 cents, or 1.33 per cent, to $11.41.

Insurer NIB’s shares slipped 1.97 per cent to $4.72 after reporting a 22 per cent drop in sales of health insurance in April compared with the same period last year due to COVID-19.

The lost revenue may be offset by fewer claims.

One of the best morning performers was engineering, construction and accommodation firm Decmil Group.

Its shares were up 10.26 per cent to 21 cents. Decmil on Monday reported it was trying to negotiate the sale of its hotel in Gladstone in Queensland, which caters to mining workers.

One Australian dollar buys 64.04 US cents at 1200 AEST, down from 64.45 US cents on Wednesday’s close.