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ASX dips on resource moves
ASX dips on resource moves

Shares in the Australian stockmarket fell slightly mid-session after some movements in the resource and banking sector.

At 10.00am, the benchmark S&P/ASX200 index was down 16 points, or 0.37 per cent, at 4292.3, while the broader All Ordinaries index fell 12.2 points, or 0.28 per cent, at 4317.9.

On the ASX 24, the September share price index futures contract was 22 points lower at 4253, with 12,639 contracts traded.

Senior dealer at Shaw Stockbroking Jamie Spiteri said the movements in the market were all in line with market expectations.

"The movements in the resource market are very minor, the weakness in our market is from yield-based stock," Mr Spiteri said.

There was some minor movement in the resource sector shares in Rio Tinto and Fortescue Metal falling two cents and five cents respectively to trade at $56.84 and $4.47.

While the value of BHB Billiton rose five cents or 0.15 per cent to $32.85.

The banking sector experienced mixed results with the Commonwealth Bank losing 94 cents or 1.65 per cent to be valued at $56.09.

Shares in National Australia Bank and Westpac also fell by 28 and 33 cents respectively to trade at $25.14 and $23.68. The price of ANZ shares climbed slightly by 0.25 per cent to $23.88.

In local equities, shares in property management and development company Goodman Group remained steady after climbing 0.66 per cent after they posted an increased net profit 4.2 per cent higher than 2011.

Earlier, Casino operators Crown reported a net profit of $513.3 million, an increase of 53 per cent. The market reacted positively to the news with shares climbing to $8.65 at 10.40am

There was also mixed results in the retail sector with shares in Woolworths falling 29 cents to $28.21, while Wesfamers dropped 0.55 per cent or 18 cents to trade at $32.43. Shares in Harvey Norman climbed slightly by 1.04 per cent to $1.95.