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Market report: Resource companies and banks fall


The share market is lower at noon as the major big resources companies and big banks fall.

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Share prices in the mining sector were weaker after iron ore prices slipped overnight, with Rio Tinto down 2.2 per cent, BHP Billiton down two per cent, and Fortescue Metals 1.2 per cent lower.

Among the banks, Westpac had dropped 1.2 per cent, Commonwealth Bank was down 1.1 per cent, ANZ had shed 0.9 per cent and NAB was flat.

Energy stocks were also weaker, including Oil Search, which was down 2.4 per cent after it said it would still be able to provide strong returns to shareholders if oil prices remain at current levels.


* At 1200 AEST on Friday, the benchmark S&P/ASX200 index was down 19 points, or 0.32 per cent, at 5,338.9 points.

* The broader All Ordinaries index was down 17.1 points, or 0.32 per cent, at 5406.9 points.

* The June share price index futures contract was down 35 points at 5334 points, with 15 contracts traded.

* National turnover was 2.2 billion securities traded, worth $2.1 billion.


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