The Australian share market has remained steady despite a poor morning performance from the big four banks.
The benchmark S&P/ASX200 index was just 0.17 per cent higher at 1200AEST after opening strongly on the back of stronger oil and iron ore prices.
Banks opened marginally higher but suffered losses of over one per cent by midday.
CMC Markets strategist Michael McCarthy attributed the fall to new federal government measures to strengthen the Australian Securities and Investments Commission, with banks to pick up the $121 million cost..
“Although not a huge cost, it does look a little open-ended,” Mr McCarthy said.
The Commonwealth was down by 1.07 per cent at lunch, NAB slipped by 1.03 per cent, Westpac dropped 1.18 per cent and ANZ dipped by 1.58 per cent.
Elsewhere, mining and resource stocks continued to rise after solid gains on Tuesday.
Rio Tinto lifted 3.47 per cent in morning trade, while BHP Billiton jumped 2.95 per cent.
Fortescue Metals also performed strongly, rising by almost five per cent, while Santos and Origin Energy enjoyed more modest gains.
Woodside Petroleum’s stocks bucked the trend by falling 1.57 per cent after its quarterly sales revenue fell 11 per cent.
KEY FACTS:
* At 1200 AEST on Tuesday, the benchmark S&P/ASX200 index was up 9 points, or 0.17 per cent, at 5,197.8 points.
* The broader All Ordinaries index was up 10.7 points, or 0.2 per cent, at 5,265.4 points.
* The June share price index futures contract was down 4 points at 5,177 points, with 17,423 contracts traded.
* National turnover was 1.72 billion securities traded, worth $1.76 billion.
