The Aussie market is slightly underwater heading into the afternoon session, currently 10 points (-0.2%) weaker, at 4235.

The sectors are fairly evenly balanced between winners and losers, with material stocks the hardest hit and telcos and financials the better performers.

In company news OZ Minerals announced a full year profit of $274.5 million, a 53% drop in profit compared to the $586.9 million in 2010.

Elsewhere, Westfield Group revealed a full year 2011 profit of $1.53 billion, a 37.5% rise on the previous corresponding period, slightly ahead of analyst expectations.

Around the region, Asian markets are mixed; the Hang Send (+0.3%) and Nikkei (+1.3%) are stronger, whilst the Shanghai Composite (-0.3%) is weaker.

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Midday Market Analysis: Treading Water is a post from: Australian Stock Report Market Pulse Blog