The Australian stock market is slightly lower despite a boost in business sentiment.
The closely-watched National Australia Bank monthly business survey shows sentiment improved in June despite fears the federal budget will see consumers reluctant to open their wallets.
The survey result came after Wall Street retreated slightly in the first session of trading since the Dow Jones Industrial Average pushed above the 17,000 point mark for the first time.
“We’re caught in a conflict with consumer confidence falling away slightly in the most recent week but business conditions and confidence improving,” CMC Markets analyst Michael McCarthy said.
“The net result is a little bit of stasis in the market.”
ANZ/Roy Morgan weekly consumer confidence index was slightly lower on Tuesday.
Mr McCarthy said other factors weighing on the market included a one per cent fall in the gold sector and a slight fall in the iron ore price to just under $US96 per tonne.
Resources stocks were mostly lower on Tuesday, with Fortescue Metals down 11 cents to $4.44 per share, BHP Billiton dropping 12 cents to $37.65 and Woodside Petroleum losing 44 cents to $41.58.
Gold miner Newcrest was 23 cents lower at $10.62 but Rio Tinto was up nine cents at $62.37.
Among the banks, ANZ lost 25 cents to $33.62, National Australia Bank dropped 17 cents to $33.56, and Westpac was seven cents lower at $34.27 but Commonwealth Bank was 19 cents higher at $81.55.
Shares in copper miner Altona jumped 29 per cent, to 23 cents after the company announced a 15 cent per share payment to investors stemming from the sale of its Finish assets.
Discount retailer The Reject Shop was down three cents at $9.56, after announcing the appointment of former Brewery boss Ross Sudano as its new chief executive.
KEY FACTS
* At 1200 AEST on Tuesday the benchmark S&P/ASX200 index had lost 6.9 points, or 0.13 per cent, to 5,512.
* The broader All Ordinaries index had lost seven points, or 0.13 per cent, to 5,499.3.
* The September share price index futures contract was nine points lower at 5,469, with 11,713 contracts traded.
* National turnover was 628 million securities worth $1.02 billion.
