STOCKS - AUSTRALIAN SHARE MARKET LOWER AT NOON - JUNE 2, 2008.

MELBOURNE, June 2 Asia Pulse - The Australian share market was slightly lower at noon as weakness among the major banks outweighed strength among oil and resources stocks flowing from higher prices for oil and most base metals.

Austock senior client adviser Michael Heffernan said the banks had taken the brunt of the fall, after figures out today showed that high interest rates and rising petrol costs were continuing to rein in consumer spending.

"If the economy is slowing down - GDP figures are coming out later this week which are likely to be a lot lower than people anticipated - that will have an impact on the traditional industrial and financial stocks," Mr Heffernan said.

"Maybe that's acting as a bit of a drag on the market. The overseas lead was quite okay."

At 1200 AEST, the benchmark S&P/ASX200 index was down 10.9 points, or 0.19 per cent, to 5643.8, while the broader All Ordinaries dipped 7.8 points, or 0.14 per cent, to 5,766.1.

On the Sydney Futures exchange, the June share price index futures contract was down 46 points lower at 5,660, on a volume of 13,313 contracts.

Among the major banks, National Australia Bank was ...