stocks slip on weak commodities

SYDNEY, June 11 (Reuters) - Australian shares fell 0.2
percent on Wednesday, weighed down by resource stocks such as
Woodside Petroleum Ltd following falls in oil and metals
prices.
But investors picked up Macquarie Group and other
shares sold off in the previous session, keeping a lid on losses.
Despite the pullback in oil prices, market watchers said
concerns that rising prices would spur inflation and hurt
economic growth would continue to be a key worry for many
investors.
"That's still the main feature markets are focusing on.
Investors are keeping a very strong eye on growth and interest
rate movements," said Tony Russell, senior equities adviser at
ABN AMRO Morgans.
"We'd expect the market to be fairly volatile and weaker in
June."
The benchmark S&P/ASX 200 index <.AXJO> fell 10.3 points to
5,427.2 by 0049 GMT, after dropping 2.8 percent in its largest
single-day fall in about three months in the previous session.
New Zealand's benchmark NZX-50 index <.NZ50> fell 0.2
percent, or 6.72 points, to 3,499.17. The most heavily weighted
stock, Telecom Corp of New Zealand , was unchanged at
NZ$3.86.

STOCKS ON THE MOVE
* Resource firms fell after oil prices fell by $3 a
barrel on Tuesday on a strong U.S. dollar, which also weighed
down on gold prices and base metals such as copper.
BHP Billiton Ltd , the world's top miner and
Australia's top oil and gas producer, lost 0.9 percent to
A$42.87, while its main rival and takeover target, Rio Tinto Ltd
, fell 1.5 percent to A$131.55.
Oil and gas firm Woodside Petroleum shed 2.2 percent to
A$59.87 and gold miner Lihir Gold fell 2.3 percent to
A$2.95.
0042 GMT

* Financial firms steadied following a sell-off in the
previous session.
Macquarie Group , Australia's top investment bank,
added 1.5 percent to A$52.60, after falling 7.5 percent in the
previous session.
The top four banks, which lost between 3.2 percent and 5.3
percent on Wednesday, were also firmer.
National Australia Bank Ltd edged up 0.3 percent to
A$28.02 and Commonwealth Bank of Australia Ltd rose 0.5
percent to A$42.06.
Australia and New Zealand Banking Group Ltd gained 1
percent to A$20.28 while Westpac Banking Corp nudged up
0.1 percent to A$21.62.
0038 GMT

* Alumina Ltd fell 2 percent to A$5.27.
Aluminum producer Alcoa Inc said its Australian
alumina unit, which is 40 percent owned by Alumina, declared
force majeure on Tuesday because of gas supply disruptions after
an explosion at a key supplier's plant in Australia