d high volumes as index futures expired.At 1615 AEST the benchmark S&P/ASX200 index was down 12 points, or 0.31 per cent, at 3,892.1 points, while the broader All Ordinaries index gave up 16.8 points, or 0.43 per cent, to 3,887.4 points.
On the Sydney Futures Exchange, the June share price index contract, which rolled over at noon, was 25 points higher at 3,922 on a volume of 10,403 contracts.
The September share price index contract had lost 14 points to 3,856 on a volume of 28,651 contracts.
Shaw Stockbroking senior dealer Jamie Spiteri said volumes were excessively high and driven by the expiry of the June share price index contract.
"A lot of the volumes are inflated by the heavy trading related to index futures expiry today."
Trading in Rio Tinto ex-dividend and other resources stocks was weighed heavily on the market.
"The big mark down in the Rio share price today - going ex dividend yesterday they were relatively resilient but not so here today," Mr Spiteri said.
Rio dropped $5.16, or 8.95 per cent, to $52.52 and was the second highest traded stock by volume, with 9.4 million shares changing hands for $501 million.
Rio's fall combined with weaker commodity prices in offshore markets overnight dragged the rest of the resources sector down.
BHP Billiton was down 96 cents at $34.70.
"Other major mining groups were noticeably weaker across Europe and North America last night," Mr Spiteri said.
Santos was the resource sectors bright spot, firming 51 cents, or 3.59 per cent, to $14.70 after signing the first supply agreement for its proposed Gladstone liquefied natural gas (GLNG) project with Malaysia's Petronas.
For further details visit as : news.smh.com.au/breaking-news-business/resource-stocks-pull-market-down-20090618-cibm.html
On the Sydney Futures Exchange, the June share price index contract, which rolled over at noon, was 25 points higher at 3,922 on a volume of 10,403 contracts.
The September share price index contract had lost 14 points to 3,856 on a volume of 28,651 contracts.
Shaw Stockbroking senior dealer Jamie Spiteri said volumes were excessively high and driven by the expiry of the June share price index contract.
"A lot of the volumes are inflated by the heavy trading related to index futures expiry today."
Trading in Rio Tinto ex-dividend and other resources stocks was weighed heavily on the market.
"The big mark down in the Rio share price today - going ex dividend yesterday they were relatively resilient but not so here today," Mr Spiteri said.
Rio dropped $5.16, or 8.95 per cent, to $52.52 and was the second highest traded stock by volume, with 9.4 million shares changing hands for $501 million.
Rio's fall combined with weaker commodity prices in offshore markets overnight dragged the rest of the resources sector down.
BHP Billiton was down 96 cents at $34.70.
"Other major mining groups were noticeably weaker across Europe and North America last night," Mr Spiteri said.
Santos was the resource sectors bright spot, firming 51 cents, or 3.59 per cent, to $14.70 after signing the first supply agreement for its proposed Gladstone liquefied natural gas (GLNG) project with Malaysia's Petronas.
For further details visit as : news.smh.com.au/breaking-news-business/resource-stocks-pull-market-down-20090618-cibm.html
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